Rent or Own? Rents Skyrocket at Highest Rate in Almost a Decade

Why Rent When You Can Own?

Did you know that NOW is still

a great time to

BUY Real Estate

And the good news is that interest rates are still low

but don't wait to long!

 

Should you buy or rent?

This is a question most of us will likely face in our lives, whether buying a house makes more financial sense than renting a home.

There is a way to understand the financial impact of buying vs. renting.

The realtor.com® rent vs. buy calculator can help you calculate the net cost of buying a home versus the cost of renting over time.

Click on this link:  Rent vs. Buy Calculator

Net costs compare the total amount of money you would be spending over time, minus the potential value you might receive if you someday sell the property.

View the interactive graph and see what this looks like at different times, and how it compares if you were instead paying rent.

From the tool, you'll see that the amount of time you plan on keeping the home has a major impact.

To get more personal, you can customize the advanced options to crunch more specific numbers and evaluate more specific scenarios.

But keep in mind that a financial comparison is just one of many factors when deciding whether to rent or buy.

If you are interested in finding out

if you could put your housing cost to work for you by purchasing a home,

call/text me at (630) 669-2401 and/or

email me at mmancano@c21affiliated.com

Monica Mancano, REALTOR®, MRP, AHWD

Century 21 Affiliated

My Real Estate Dream Team and I are here for you!

We are looking forward to helping you start your

incredible journey of HOMEOWNERSHIP!!!

Check out my Real Estate Website

www.MonicaMancano.com

to see properties currently listed in the MLS

and for your Real Estate Needs!

If you're still wondering whether to Rent or Own, take a look at some recent research below.

Rents Skyrocket at Highest Rate in Almost a Decade by The KCM Crew

Rent Set to Exceed $535 Billion Paid Last Year | Keeping Current Matters

The Consumer Price Index (CPI) was released by the Labor Department last week. An analysis by Market Watch revealed the cost of rent was 3.8% higher than a year ago for the second straight month in June. That’s the strongest yearly price gain since 2007.

This coincides with a report released earlier this month in which AxioMetrics announced that rents are continuing to increase in 2016. The report revealed: 

  • There was a 3.7% increase in effective rents in the second quarter of 2016 as compared to the same period last year.
  • That the effective rent growth this quarter compared to last quarter was 2.3%.
  • Annual effective rent growth was positive in 49 of the top 50 markets, based on number of units. Only Houston was negative, at -1.4%, as the fallout from energy-industry job losses and excess construction continues.

Here is a graph to illustrate the rate of increase over the last several years:

Rent Set to Exceed $535 Billion Paid Last Year | Keeping Current Matters

Bottom Line

With rents continuing to rise and mortgage interest rates still at historic lows, meet with a local real estate professional who can help determine if you could turn your monthly rental cost into a home of your own.

Monica Mancano

Monica Mancano

REALTOR®, SRES®, MRP, AHWD
Contact Me

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