As Renting Becomes More Unaffordable Home Ownership Is On The Rise

Dated: 05/21/2018

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When people think “affordable housing,” they typically think of renting. However, that’s no longer the case. According to Realtor.com’s most recent Market Outlook Report (from September 2017), rents rose year-over-year in an astonishing 78% of counties across the US. In fact, renting has become so unaffordable, it’s officially become more expensive than homeownership. According to a recent study by Zillow, homeownership is more affordable than renting in the majority of metro markets across the US.

This unexpected shift in affordability is steering people away from renting and straight into their own homes. According to a recent article from Realtor.com, the homeownership rate in the US rose year-over-year for the fifth consecutive quarter in April 2018 to 64.2%. The country also lost 286,000 renter households, which is the fourth consecutive quarter of year-over-year declines.

The Takeaway

If you’re still a renter, the time to transition to homeownership is now. Rents are continuing to rise, and if you continue to rent, you’re throwing away money that could be better spent on owning your own home—and building your wealth in the process.

Related Articles:
Why Rent When You Can Buy

Why Now Is The Perfect Time To Buy

If You Think Owning A Home is Out of Reach, You Need to Read This

Misconceptions About Buying A Home Are Blocking Eligible Buyers From Becoming Homeowners

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Pete Hallett

Hello and welcome! Thank you so much for exploring these pages of my website. I hope you find the content here useful and informative. I've been in this business for a while now and helping you make t....

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