Posts Tagged rent vs buy

National Association of Realtors names top markets where renters can afford to buy homes

house in shape of up arrow

With rent prices soaring across the nation, it’s no surprise more and more people are trying to make the shift from being a tenant to becoming a homeowner. But with so many high rent markets, it’s hard for some prospective buyers to save up enough cash for a substantial down payment. Fortunately, there are still some markets where the average renter can afford to buy a home. The National Association of Realtors recently identified these markets. 

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Rents Now Top List of Fastest-Rising Prices

Renting a home may provide some benefits that owning does not, like the freedom to move after a shorter period of time and low maintenance living. However, renting doesn’t always come cheap. In fact, a recent report from CNBC says the price of rental housing is now the fastest-rising cost for American households. While the cost of food, clothing and transportation has only made slight increases over the last year, the cost of rental housing has surged. According to CNBC, the government’s monthly report on the consumer price index indicated that in May 2016, the annual rise in rental income approached

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Rents to keep going up, but at a slower pace in 2016

couple in front of house for rent

Even some of the hottest markets could see a big slowdown in rent increases this year. At least, that’s what the analysts at Zillow are saying. According to the Zillow Rent Forecast for December, rents over the next 12 months should slow down across the nation. That’s not to say that rent increases will stop completely, but they’ll come close. According to Zillow, rents are expected to flatten in 2016, rising only 1.1 percent. Last year, rents “climbed through the roof,” as Zillow’s Emily Heffter put it, “outpacing incomes and making affordability an issue for renters all over the country

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