Take a look inside today’s report. The chart shows median rent in 1988 through 2018. Consider that chart a forecast of the future!
The folks who bought a home under a 30 year mortgage would be done (if there were no loan modifications or additional borrowings). The renter would have been paying the landlords mortgage for 30 years and the holder of a stack of rent receipts - with a bill due next month and the month after and......
Thirty years from now, which one would you rather be?
There was a day when the common belief was that it Is cheaper to rent than it is to buy. I think while growing up, most of my family was convinced that was true.
Today, in 44 states, as calculated by the experts, it is cheaper to rent than it is to buy. The road of opportunity and wealth has opened. The question is – will you take that road. I’ll help if you like.
Seems strange that the percentage of income to afford median rent has increased by about 3% - not decreased – increased. It is higher now that it used to be.
On the other hand, the percentage of income needed to afford a median home had dropped about 5%. You read that correctly – a lower percentage of your income is needed to afford a median priced home than it was historically!
So, who is ready to buy today?