Tired of Rising Rental Rates in Charlotte? Lose Your Charlotte Landlord
Dreaming of owning your own home? You’re not alone - in fact, that is ‘The American Dream’ and we do typically all aspire to be homeowners at one point in our lives. Once we’ve gotten a taste of homeownership, we’re hooked for life!
If you’re currently renting and have dreams of owning your own home, now is a great time to think about your next move. With rental rates rising exponentially and with the numerous helpful down payment assistance programs available to first-time homebuyers these days, homeownership may be closer than you think.
BOA’s Homebuyer Insights Report shows that 74% of renters plan to buy a home within the next 5 years, and 38% are planning to buy within the next 2 years. What I found interesting about their study is those buyers who are actually planning to buy a home within the next 5 years, also shared what they disliked about renting. If you’re currently renting, I think you’ll also find that information quite compelling. For example, 52% said rising rental costs were their top reason they dislike renting.
With the median rental rate having risen steadily over the last 30 years, it’s no wonder rising rental costs came in as the top answer. There is a long-standing rule that a household should not spend more than 28% of its income on housing expenses. With nearly half of renters (48%) surveyed already spending more than the ‘standard’ 28% of their income on rent and with the high probability of rental rates rising again, it’s a great time to ponder whether renting is your best option going forward.
When asked why they haven’t purchased a home yet, not having enough saved for a down payment (44%) came in as the top response. The report went on to reveal that nearly half of all respondents believe that “a 20% down payment is required to buy a home.”
*Above graphics and topic inspiration, courtesy of Keeping Current Matters (KCM); remaining blog content by author.
The reality is, the need to produce a 20% down payment is one of the biggest misconceptions about homeownership, especially for first-time buyers. Basically, a large number of renters may be able to buy now, and they don’t even realize it.
Is renting really working for you? If you’re one of the many renters who are tired of rising rents but may be confused about what is required to buy in today’s market, let’s talk! Together we can help you make an educated decision and set your path to homeownership - let me help you lose your Charlotte landlord.
© Debe Maxwell | The Maxwell House Group | RE/MAX Executive | CharlotteBroker@icloud.com | Tired of Rising Rental Rates in Charlotte? Lose Your Charlotte Landlord
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