Renting vs. Buying: What Does it Really Cost?

Renting vs. Buying: What Does it Really Cost?

Renting vs. Buying: What Does it Really Cost? [INFOGRAPHIC] | Keeping Current Matterss

Some Highlights:

  • The percentage of income needed to afford a median priced home is almost half the percentage of income needed to afford median rent.
  • Buying costs are significantly less than renting costs.
  • The percentage of income needed to afford a median priced home is less than the historic norm.
Call The Collura Team To find out if you can buy a home instead of Renting ! 352-279-0899

Comments

Post a Comment

Popular posts from this blog

Don’t Get Caught in the Rental Trap!

Image
         Don’t Get Caught in the Rental Trap! There are many benefits to homeownership. One of the top ones is being able to protect yourself from rising rents and lock in your housing cost for the life of your mortgage. Don’t Become Trapped Jonathan Smoke, Chief Economist at realtor.com, reported on what he calls a “Rental Affordability Crisis.” He warns that, “Low rental vacancies and a lack of new rental construction are pushing up rents, and we expect that they’ll outpace home price appreciation in the year ahead.” In the Joint Center for Housing Studies at Harvard University's 2015 Report on Rental Housing, they reported that 49% of rental households are cost-burdened, meaning they spend more than 30% of their income on housing. These households struggle to save for a rainy day and pay other bills, such as food and healthcare. It’s Cheaper to Buy Than Rent In Smoke’s article, he went on to say, “Housing is central to the health and well-being
Read more

5 Reasons You Should Sell This Summer

Image
5 Reasons You Should Sell This Summer Here are five reasons listing your home for sale this summer makes sense. 1. Demand Is Strong The latest Buyer Traffic Report from the National Association of Realtors (NAR) shows that buyer demand remains very strong throughout the vast majority of the country. These buyers are ready, willing and able to purchase… and are in the market right now! More often than not, multiple buyers are competing with each other to buy a home. Take advantage of the buyer activity currently in the market. 2. There Is Less Competition Now Housing inventory is currently at a 4.2-month supply , well under the 6-months needed for a normal housing market. This means, in the majority of the country, there are not enough homes for sale to satisfy the number of buyers in that market. This is good news for home prices. However, additional inventory could be coming to the market soon. There is a pent-up desire for many homeowners to move, as th
Read more

Renting or Buying… Either Way You’re Paying a Mortgage

Image
Renting or Buying… Either Way You’re Paying a Mortgage   There are some people who have not purchased homes because they are uncomfortable taking on the obligation of a mortgage. Everyone should realize that, unless you are living with your parents rent-free, you are paying a mortgage – either yours or your landlord’s. As Entrepreneur Magazine, a premier source for small business, explained this month in their article, “ 12 Practical Steps to Getting Rich ”: “ While renting on a temporary basis isn’t terrible, you should most certainly own the roof over your head if you’re serious about your finances. It won’t make you rich overnight, but by renting, you’re paying someone else’s mortgage. In effect, you’re making someone else rich .” Christina Boyle, Senior Vice President and head of the Single-Family Sales & Relationship Management organization at  Freddie Mac,  explains another benefit of securing a mortgage vs. paying rent: “With a 30-year fixed rate mo
Read more