ARE YOU CURRENTLY RENTING? ALL SIGNS URGE YOU TO BUY A HOME NOW!
With renters spending an average of twice as much of their monthly income on rent payments as those who make mortgage payments, now is a good time to buy. However, according to economist Svenja Gudell, high rents make it difficult to save for a down payment.
“There are good reasons to rent temporarily — when you move to a new city, for example — but from an affordability perspective, rents are crazy right now,” Gudell said. “If you can possibly come up with a down payment, then it’s a good time to buy a home and start putting your money toward a mortgage.”
Not only are some renters not able to save for a down payment on a mortgage, but some who are overdrawn are even cutting back on healthcare, a dangerous and possibly costly decision in the long run.
“Looking forward, the picture doesn’t look bright for renters,” Gudell said. “Rents will likely keep rising at roughly their current pace for at least the next few years.”*
Lenders in my network offer down payment assistance programs to help those hoping to purchase a home. Contact me and our team will help you find a home to call your own.