Should I Rent or Buy a House?
The Rent Race
If low mortgage rates weren’t enough to push you toward home buying, the latest rental analysis might be. The trends show that rising rents are causing almost 20 percent of today’s renters to struggle with monthly payments. Plus, it’s not just America’s lower-earning residents who are having trouble keeping up with rents. Those higher on the income spectrum are, too!
In fact, around 10 percent of renters earning $60,000 a year or more have been unable to make at least one month’s rent this year. For those making $30,000 or less, that share jumps to 27.5 percent. This is because, for years now, rent growth has outpaced wage growth, that fact, along with a severe lack of affordable housing, has adversely affected many parts of the country.
Many current renters don’t realize the new conventional home purchase programs available to them now. Some of them may qualify for a future purchase while only utilizing their current rentals security deposit and there’s even a USDA purchaser program that will finance up to the entire purchase price!! Most amazingly, a large percentage of the time, the new purchase payment is even LESS than they were paying for their rental!!
Ready to get out of the rent race?
With today’s low mortgage rates, buying a home may be more affordable than renting. Call Global Unity Mortgage today at (860)872-9479 or e-mail us at globalu@sbcglobal.net and find out what programs YOU could qualify for!
You may just be pleasantly surprised…
