Is now the time to buy? For many Americans hoping to make a move, the decision to rent or buy comes down to affordability. Of course, it isn’t the only factor. Your job and lifestyle can also be strong deciding factors in whether you prefer renting over homeownership. But there’s no question money is a top concern when making decisions about your next move.
So, what does the latest data on rental costs say? Well, according to one recent report, February saw rent increasing at its fastest pace in 10 months. Following the increase, median rent nationwide is now up to $1,472 per month. That means, calculating what’s most affordable may not be so clear cut. After all, the average monthly mortgage payment is just $1,030.
While rental prices have been going up over the past several years, there’s evidence that they may soon hit their peak. With millennials reaching the age of the typical first-time home buyer, demand is expected to decline over the coming years. As more renters become homeowners, it will likely have a slowing effect on future increases.
Are you considering taking that next step and becoming a homeowner? We will be happy to sit down with you and help you weigh your options and decide, is it time to buy? Just give us a call and set up a time to meet!
Jennifer Bixby is the Broker for Don Peterson and Associates Real Estate at 100 E. 6th St. Jennifer can be reached at 402-721-9700 for answers to real estate questions or visit www.teambixby.com on the web.