Is it a Good Time to Rent? Not now it isn't!
People often ask if now is a good time to buy a home but, the real question should be whether or not it’s a good time to rent.
As the graph below demonstrates, now is NOT a good time to rent.
The Census Bureau recently released their 2018 first quarter median rent numbers. According to their report, here is a graph showing rent increases from 1988 until today:
Rents have steadily increased and are showing no signs of slowing down. If you are faced with making the decision of whether or not you should renew your lease, you might be pleasantly surprised at your ability to buy a home of your own instead.
National rental vacancy rates in the first quarter 2018 were 7.0% and 1.5% for homeowner housing. Yes, it’s much easier to find a rental than a home to buy but, the thoughts of paying someone else’s mortgage for them, padding their pockets with equity and having nothing to show for your largest monthly expenditure (rent), should dissuade you from feeling the need to rent.
Here in Charlotte, our rental rates are quite a bit higher than our monthly mortgage payments as our area is very affordable. With interest rates on the rise, NOW is the time to buy, not rent!
The Bottom Line
One way to protect yourself from rising rents is to lock in your housing expense by buying a home. If you are ready and willing to buy, let’s talk! Call or text (704) 491-3310 or email DebeM@remax.net for more information on homeownership in Charlotte!
© Debe Maxwell | The Maxwell House Group | CharlotteBroker@icloud.com | Is it a Good Time to Rent? Not now it isn't!
(THE best Charlotte home search available - no kidding!)
Debe Maxwell, Realtor®/Broker/CRS
Direct: (704) 491-3310
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