The Rent VS Purchase Decision
If you are a renter, you may have often wondered, should I stay put or jump into purchasing my own home? Which is better? Well, it depends. Which costs more? Well, it depends. There are a lot of factors to consider and renting works for people in many situations. Likewise, purchasing a home can be a great decision and investment for many. Keep reading for a quick breakdown of the important factors:
When renting, your costs are generally fixed for the term of the lease. In some cases, utilities (or a portion of them) are part of the fixed costs. Often, a large portion of rent and a security deposit is required up front. In most places, when a lease ends, the landlord is free to increase rent, and, at any
time, they can sell your home!
As a homeowner, the landlord (you) cannot sell without your permission. Usually, if you require financing, your...
Rising Home Prices Create Affordability Issues for Homebuyers
Published: February 11, 2014
Tight inventory pushed home prices up in most U.S. metro areas. That’s good news for homesellers, but bad news for buyers struggling to afford a home.
Home prices rose strongly in the lion’s share of U.S. metro areas in the fourth quarter of 2013, data from the NATIONAL ASSOCIATION OF REALTORS® shows. As homes became more expensive, however, they became less affordable, particularly for Western homebuyers.
The national median existing single-family home price was $196,900 in the fourth quarter, up 10.1% from $178,900 in the fourth quarter of 2012. The median price is where...