People have probably told you that renting is cheaper than owning a home. The cost of owning a home is actually more affordable. More than half of all renters spend 30% or more of their income on housing. That is considered unaffordable housing. There has been a recent increase in the number of renters that have trouble affording their housing, and now over a quarter of renters spend 50% or more on their housing.
Owners, on the other hand, haven’t changed what they spend on housing over the last few years. Homeowners who spend more than that “unaffordable” 30% of their income on all their costs, from mortgages to taxes, is less than 38% of all homeowners in the US. And those 38% of homeowners aren’t too bad off considering that they have a home that is theirs, a true investment.
With the recent downturn in the economy, more than a million people in the US have started renting again. This has increased demand and the cost of rent has gone up with it. With higher rent and less money to spend, the economy is hit even harder. That is where specialists like us come in. We can help people who rent get into affordable housing that they own. When an investment is made that benefits someone’s life, that benefit helps everyone: the buyer, the seller, the community, and the economy as a whole. Whether you are interested in buying or selling real estate, get in touch with us now!