A great many Americans have chosen to rent their primary residence rather than purchasing a home. Renting has traditionally been a choice that allowed you to obtain a residence while remaining free from costly taxes and home repairs, but recent studies have shown that renting may not be a suitable option any longer.
A Grim Outlook for Renters
The large spike in foreclosures a few years ago turned many long-time homeowners into renters, and that developed a market where would-be renters were vying for a limited number of rental properties. This served to drive the price of rents higher, and the trend continues. With wages staying much the same, it has become increasingly difficult for renters to make their monthly rental payment.
A recent research report from the the Harvard Joint Center for Housing Studies and Enterprise Community Partners shows that more than half of America’s renters already spend a whopping 30 to 50 percent of their yearly salary on rent. With the rental population predicted to rise to more than 4 million in the next decade, a great many of those renters may expect to pay even more than 50 percent of their yearly income just on rent.
Time to Consider Home Ownership
These out-of-control rental costs are an excellent indication that the time has come for you to consider purchasing your own home. Contact our office today, and one of our professional real estate associates will help you navigate the path to becoming a homeowner.