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buying a home for the first time, first-time homebuyer, Jacksonville FL Real Estate, Jacksonville Real Estate, millennials, real estate, real estate investments, Real Estate Team, rent vs. buy
If affordability is a concern and you are unsure were you’d like to live in the near future, you may find this article on the hidden long-term cost of renting compelling. It’s called “The $700,000+ mistake nearly 6 in 10 millennials may make.” You can check out the article here:
http://www.marketwatch.com/story/the-700000-mistake-nearly-6-in-10-millennials-may-make-2015-01-22
Renting in the short-term may be your best option, but waiting to buy can have a high cost. For example: “At current rates of appreciation, in 10 years the average home (now priced at $190,000) would be selling for about $249,000. If interest rates return to their historical norm (from over the past 15 years) of 5.6%, a monthly house payment (including mortgage, taxes and insurance) on a $249,000 home would be $1,574 a month, a 52% increase over the $1,037 house payment for a median priced home now.”
If you ever have any questions about home ownership, we are more than happy to help you plan for your future. Kevin and Jennifer Hanley, REALTORS TheHanleyHomeTeam.com 904-515-2479
