Don't Let Yourself Get Caught in the Rental Trap

Dated: 03/05/2018

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There are three things you need to understand right now if you are thinking of making the transition between renting and homeownership.
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Right now, rents are on the rise. Don’t let yourself fall into the rental trap. Today, I would like to go over three points for you to consider in relation to the rental market.

  1. Rents are rising. Right now, rental rates are up 2.7% across the nation. Over a quarter of renters are spending half their income on rent. This is far above what most lenders suggest. In fact, your housing expenses should only equate to 28% of your pre-tax income, according to Bankrate.com. Spending more than that amount is what puts many people into the rental trap. This is why it’s so important to start making plans for acquiring your own home, which will allow you to have a fixed cost in the long-term. 
  2. Buying is cheaper than renting. When you get a 30-year mortgage, your housing expenses become fixed. Rents, however, will increase depending on the market and other factors. This means that owning a home is actually less expensive than renting. 
  3. There are financing options out there to help you. 80% of millennials are planning on buying, but 72% are unsure of how they will afford to do so. Working with a good lender to create a strong financial plan will make a significant difference in the success of your home purchase. 

"Instead of getting caught in the rental trap, start making plans for acquiring your own home."

If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.

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Brandon Blackwell

Brandon began his real estate career in 2001. Over the years, Brandon has gained a lot of experience and knowledge of the real estate market and doing so he so is able represent his clients in the bes....

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