Homeownership Still More Affordable Than Renting In Most US Counties

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home affordability, home prices, real estate, real estate advice, real estate information, Real Estate Team, real estate tips, rent vs. buy, renters, The best real estate agent in Jacksonville

Most people think that renting a home is a more affordable option than buying. But, as it turns out, in the majority of counties across the US, the opposite is actually true.

According to the 2021 Rental Affordability Report from ATTOM Data, which analyzes rental, wage, and home price data in markets across the country, owning a median-priced three-bedroom home is more affordable than renting a three-bedroom home in nearly two-thirds (63 percent) of counties in the US—even though home prices are increasing at higher rates than rental prices in 83 percent of those counties.

“Home-prices are rising faster than rents and wages in a majority of the country. Yet, home ownership is still more affordable, as amazingly low mortgage rates that dropped below 3 percent are helping to keep the cost of rising home prices in check,“ Todd Teta, Chief Product Officer at ATTOM Data Solutions, said in the report. “It shows how both the cost of renting has been relatively high compared to the cost of ownership and how declining interest rates are having a notable impact on the housing market and home ownership.”

The Takeaway:

So, what does this mean for you? If you’ve been holding off on buying a property because you thought renting was the more affordable option, you may be able to transition to homeownership for less than you’re paying in rent—making now a great time to explore buying your own home. Give us a call to discuss today! Kevin and Jennifer Hanley, REALTORS The Hanley Home Team of Keller Williams Realty Atlantic Partners Southside 904-515-2479 HanleyHomeTeam.com

Rent vs Buy – Now vs Later

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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

Can I Buy Again? I Had a Short Sale A Few Years Ago.

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buying after a short sale, Can I buy now after a short sale, low mortgage rates, rent vs. buy

This month we’ll be reaching out to friends and clients who were swept up in the real estate downturn to check in and see how they’re doing. Many have been in touch recently about the possibility of returning to home ownership.

You might have some of the same questions they have. For instance: Can I get a mortgage? Have home values stabilized? Is it possible to buy again for what I’m paying in rent now? How can I be sure I won’t end up in the same situation?

The truth is, many people who lost their homes as little as two years ago may already be in a good position to buy again. Home prices and fixed-rate mortgage rates are quite favorable. There are many excellent homes on the market which can easily fit in a budget accustomed to current rents. Plus, it’s cheaper to buy than to rent in our area.

If you’re thinking about returning to home ownership, we’d be happy to answer questions you might have, and even connect you with trustworthy lenders who can help you navigate pre-qualification for an affordable home.

Why continue to tolerate the hassles of renting if you can transition back to a home of your own? Perhaps it’s time to say goodbye to absentee landlords, long waits for maintenance requests, and loud neighbors.

If you’d like to stop dreaming about it and start doing something about it instead, let’s have a conversation and see what we can do together to get you back on track for your own home. Kevin and Jennifer Hanley, REALTORS 904-422-7626 http://www.HanleyHomeTeam.com or http://www.HanleyShortSales.com