If you think you can’t afford a home, think again. Buying is actually cheaper than renting right now.
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Rental rates are on the rise and we want to make sure that you don’t get trapped. Rent is up 2.7% nationwide year-over-year, and over 11 million households are being severely cost-burdened by having over 50% of their income go toward housing. This makes it difficult for these households to ever save up for a rainy day.
Recent results of a Trulia study of renting versus buying shows that buying a home with a typical 30-year fixed rate mortgage is significantly cheaper than renting one in over 100 of the largest metro areas in the U.S. If you’re getting ready to re-sign another lease, you should at least know your options.
A recent survey of over 25,000 renters showed that 80% of millennials are concerned about affordability, their credit scores, and their down payment when it comes to homeownership. What most renters don’t realize is that they can buy a home with just 3% down. On a $150,000 home, that’s just a $400 to $500 down payment. We also have 100% financing programs through USDA that allow buyers to get into a home with no money down.
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There are a lot of programs out there designed to help people buy homes.
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If you are ready, willing, and able to buy a home, you owe it to yourself to check out and see if you can qualify for one of these programs and take advantage of the historically low interest rates.
If you have any questions for me or want any more information about buying or selling a home, don’t hesitate to reach out and give me a call or send me an email. I look forward to hearing from you soon!