Don't become trapped. Rents are up 2.7% on a national level and over a quarter of renters are spending at least half of their income on rental housing, don't become trapped in that cycle. Bankrate.com recommends that only 28% of your pre tax income be used for housing expense.
Over the long term it's cheaper to buy than rent. Homeownership remains cheaper than renting with a traditional 30-year fixed rate mortgage. Rents will increase but a fixed mortgage wont.
You should explorea all options. 80% of millennials are planning on buying a home eventually, but 72% cite that affordability is their primary obstacle. They need a solid financial plan to achieve home ownerhship.
The bottom line- don't get caught in the cycle of renting. Take some time and make a plan. Call me today about what your options are.