Rent or Buy a Home?

When contemplating a home purchase consider the cost of alternative housing options, such as renting an apartment or house. HouseKeyFob_Hands-258x300

Where are rental prices headed in the next few years? Typically, rental prices increase about 3% annually. Recent figures, however, are showing dramatic increases in rental pricing with 5.1% increases nationwide.

Multi-family housing demands  as well as single-family rentals have increased since 2007 per Freddie Mac. With the theory of supply and demand, it is expected that rental prices will continue to increase substantially in the next few years.

The cost of owning a home now (with lower mortgage rates and home costs) might be the better alternative to a rental apartment or home that is more than likely to increase in price yearly.

However, the cost of owning a home will also begin to increase as both home prices and mortgage rates rise.

Now may be the best time to purchase a home or condominium, while the lower mortgage rates can be locked into for a long-term housing expense commitment. Call me at 513.377.1070, I can help you understand the costs associated with owning a home and whether now might be a good time to buy for you!


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