It’s not uncommon for people to ask us if the time is right to purchase a home, but we rarely have people asking us when a good time to rent is. Regardless, we want to make it very clear based on the data that today is clearly NOT a good time to rent when buying is an option.
The U.S. Census bureau released new figures showing the Q1 median rent numbers for 2017. While we have created a graph for you showing the numbers since 1988, you can see the Census results for yourself if you choose.
As you can see, rents continue to increase with no sign of slowing down. If you are at a spot where you are considering renewing your lease or not, you might be pleasantly surprised by your ability to purchase a home of your own.
Many renters don’t see themselves as potential buyers, but many concerns renters have about purchasing are based on misunderstood myths. Buyers don’t always have to have perfect credit or a huge down payment.
Rents continue to rise, but as you purchase a home, you are also locking in your monthly expenditure for the long-haul.
If you would like to see how much you’d qualify for, contact a lender today or get in touch with one of our buyer’s agents today!
Graphics courtesy Keeping Current Matters and (C) 2017