Trying to figure out if renting or buying is best for your family? Thinking about a few questions can help you answer this question.
“Homeownership was once the cornerstone of the American Dream, but times are changing. More U.S. households are renting today than at any point in the last 50 years, according to a Pew Research Center analysis.”
How long are you planning on living there?
Consider all of the hidden costs associated with both renting and owning.
Are you saving and investing? Or throwing your money away?
When home buyers have pets, that factors into their priorities for their future home. While the specific priorities differ from person to person, a massive 95% of consumers think that allowing animals within a housing community is important. Other preferences that consumers value include:
Nearby animal amenities (a walking path ranks at #1 at 54%; a nearby dog park or animal grooming also is included in the list).
Home features important to animal owners (not surprisingly, a fenced yard is vital to 91%, with a laminate floor coming in second as another priority for 66% of consumers).
There’s tough competition in the rental market these days, with more people becoming renters. And steep prices make renting instead of buying not always the most economical decision. According to CNN Money, here is what’s going on in the rental market:
“Rental applicants tend to conjure up images of recent college grads looking to start their life in the real world. But Millennials are facing increased competition from people who have already spent decades in adulthood, and may have better credit and higher income.
“Since 2005, there has been an uptick in renters, with people in their 50s and 60s making up the largest chunk of the increase, according to a recent report from the Harvard Joint Center for Housing Studies.
“In fact, the majority of all renters are currently 40 or older…”
With such high competition and prices in the rental market, it might be time for you to consider buying a home. Please give me a call to see if becoming a San Diego County homeowner would make sense for you: (619) 890-3648!
Nearly half of renters in the U.S. are struggling to afford their monthly payments.
“Experts generally recommend keeping your housing costs around 30% of your monthly income. But the number of “cost-burdened” tenants — those who spend more than 30% of their income on rent — rose to 21.3 million people last year, according to Harvard’s Joint Center for Housing Studies.
“Of those, more than 26% are “severely cost burdened” and spend more than half of their income to cover rent.
“Here’s the problem: rents are increasing much faster than wages. Inflation-adjusted rents increased 7% from 2001-2014 while household incomes dropped 9%, the report showed. At the same time, rising demand for rental units has pushed the national vacancy rate to a 30-year low, driving prices even higher…”
When renters choose to buy, the overwhelming highest percentage of 41% do so within the same county they were renting. Some do an even closer move, with 14% deciding to buy in the same neighborhood as their current (rented) home. Those who move to another California county (at 11%), are very nearly equal to the 10% who decide to move out of the state.
Are you a renter who’s thinking of buying? What are you choosing to do — is this CAR.org infographic correct for you? If you’re buying in San Diego county, I’d be honored to assist you in your home search; contact me anytime at (619) 890-3648 or online here.