Don’t Get Caught in the ‘Renter’s Trap’ |
| Don’t Get Caught in the ‘Renter’s Trap’ Posted: 18 Mar 2015 04:00 AM PDT  There are many benefits to homeownership, one of top ones, is being able to protect yourself from rising rents and lock in your housing cost for the life of your mortgage. TheNational Association of Realtors (NAR) just released their findings of a study in which they studied “income growth, housing costs and changes in the share of renter and owner-occupied households over the past five years in metropolitan statistical areas throughout the US.” Don’t Become TrappedThe study revealed that over the last five years, a typical rent rose 15%, while the income of renters grew by only 11%. If you are currently renting, this disparity in growth could get you caught up in a cycle where increasing rents continue to make it impossible for you to save for a necessary down payment. The top 5 markets where renters have seen the highest increase in rents since 2009 are:
Know Your OptionsPerhaps you have already saved enough to buy your first home. HousingWirereported that analysts at Nomura believe:“It’s not that Millennials and other potential homebuyers aren’t qualified in terms of their credit scores or in how much they have saved for their down payment. It’s that they think they’re not qualified or they think that they don’t have a big enough down payment.” (emphasis added)According to Freddie Mac: “Depending on their credit history and other factors, many borrowers can expect to make a down payment of about 5 to 10%. And new 3% down financing options for qualified borrowers could mean a down payment as little as $6,000 for a $200,000 home.” Bottom LineDon’t get caught in the trap so many renters are currently in. If you are ready and willing to buy a home, find out if you are able. Have a professional help you determine if you are eligible to get a mortgage. |
Property Search
RSS Feed
Search Blog
Recent Blogs
Moving To Upstate SC - Are you or someone you know
Wondering How The Housing Market Is In Greenville - I've recently been asked a few
Hello July 2020 And Happy Independence Day - Ah, July. We have reached the
June Is National Homeowners Month - Welcome to June 2020! What a ride
With approximately 50 years combined experience, Guest Group brings a wealth of varied experience in both Residential and Commercial Real Estate.
We are loyal, ethical and very dedicated to our clients. We give exceptional service and continue to have our clients for life. We compliment each other and understand the Real Estate Industry and the Local Market.
We have strong negotiating skills and transaction servicing that will ensure you of a successful real estate experience.
I've recently been asked a few times how the housing market is in Gree
Ah, July. We have reached the second half of 2020. It's the sweltering
Welcome to June 2020! What a ride this year has been so far; our homes
"We worked with Dawn Borkowski when we were looking for our new home and were very satisfied. She responded to us immediately every time we inquired about a property and she found many properties to match what we were looking for in a home. She encouraged us to not settle on a home until it was the one we were looking for and assisted us in the negotiation process once we did. She was considerate and enjoyable to be around. She helped us critique the homes and even helped us think out how we might use certain spaces. The office is inviting and friendly. We always felt very comfortable and confident that we were in knowledgeable and professional hands. We highly recommend this team!"
This is a list of your favorite properties. We will email you if a property is reduced or leaves the market.
Click 'Save' to add a property to this list.New & returning visitors please enter your information to login.
This message will go directly to the head of our team.
Español
Francais
Deutsch
Italiano
Portugues 
Chinese 
Russian 