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Renting vs Owning in 2016

January 22, 2016 by Eric Lowry

Renting vs Owning in 2016Renting vs Owning in 2016

Trying to decide between buying a home or renting another year? Recent data might help you make up your mind.

There are currently low rental vacancy levels and a lack of new rental construction, which are driving rents up significantly. Rents are expected to outpace home price appreciation in the upcoming year. What does that mean for you? It means that renting is going to be more expensive than owning a home.

Average Rent in the USA recent Wall Street Journal article reports that “rents rose faster last year than at any time since 2007”. On average rents rose by 4.6% in 2015; when over the previous 15 years they had only risen an average of 2.7% annually. Zillow‘s 2016 Housing Market Predictions state that “rising rents won’t let up in 2016, and will continue to set new records. [2016] will bring the least affordable rents ever.”

Many people choose to rent just because they aren’t comfortable taking on the obligation of a home mortgage. However, unless you are living with family or friends rent free, you are paying a mortgage – either your own or your landlord’s. Wouldn’t you much rather put that money back into your own pocket? A home mortgage is like a forced savings which builds you equity in your home that you can use later on in life. If you are renting, you are only building your landlord’s equity.

Right now interest rates are at historic lows, but they are projected to increase steadily throughout 2016. Your window of opportunity to get a low interest home loan is closing. An increase in mortgage rates of 0.5% is equal to a 10% increase in home prices and affordability, which significantly increases your monthly payment. So the question you should ask yourself is, can you really afford to keep renting?

Questions about buying a house? Contact The Lowry Team today at 513-874-1830.

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The Lowry Team – Keller Williams Realty is an award winning, full service real estate firm specializing in West Chester, Liberty Township, Mason, Monroe and the Northern Suburbs of Cincinnati. The Lowry Team is “Different By Design”… taking a team approach to home buying and selling. The Lowry Team consists of members that are focused on areas of specialization including Listing Specialists, Buyer Specialists, Transaction/Listing Coordinator, Inside Sales Associate and a Marketing Director.

Don’t Hire an Agent…Hire a Team.  The Lowry Team.

Buyers and Sellers can reach The Lowry Team Keller Williams at 513-874-1830.

Other Articles You May Be Interested In:

Search the entire Cincinnati MLS for Homes For Sale

Find Out The Current Market Value Of Your Home

A Complete Guide to Buying a Home

What credit score is needed to buy a house?

How much down payment do I need to buy a house?

Where are interest rates headed?

What does it take to buy a home in today’s market?

Buy a Home With a Low Down Payment

Buying a Home Step 1: Get Pre Approved

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Filed Under: Eric Lowry's Articles, First-time Homebuyer Tagged With: Buying a house in 2016, buying your first house in Mason, buying your first house in West Chester, Can You Afford To Keep Renting?, cost of renting, Houses for sale in Fairfield, Houses for sale in Mason, Houses for sale in West Chester Ohio, Keller Williams Realty West Chester Ohio, LowryTeam.com, Renting vs Buying, Renting vs Buying in 2016, Renting vs Owning in 2016, The Lowry Team, West Chester Ohio Real Estate Team

The Lowry Team Keller Williams :: The Cost Of Renting

October 28, 2014 by Eric Lowry Leave a Comment

The Lowry Team Keller Williams :: The Cost Of Renting

 

Is the thought of paying a mortgage keeping you from owning a home? If so, keep in mind that if you are renting you are paying a mortgage.  It just happens to be your landlord’s, not yours. This means you are building up your landlord’s equity each and every time you pay rent.

A fixed rate mortgage offers you the piece of mind that your mortgage payment will not keep going up.  However, as you can see on the graph from the Census Bureau, the median asking rent is steadily rising. 

Increasing Cost of Renting

Can You Really Afford to Keep Renting?

The Lowry Team has first time home buyer specialists that can help you through the entire home buying process. From pre-approval to closing, the experts on The Lowry Team can answer all of your questions and concerns and guide you to the benefits of home ownership.

The Lowry Team is an award winning, full service real estate firm specializing in  West Chester, Liberty Township, Mason, Monroe and the Northern Suburbs of Cincinnati. The Lowry Team’s culture is that of a fun, high energy group who prides themselves on providing, personal, professional real estate service.

The Lowry Team is “Different by Design”…taking a team approach to home buying  and selling. The Lowry Team consists of members that are focused on areas of specialization including Listing Specialists, Buyer Specialists, Transaction/Listing Coordinator, Inside Sales Associate and a Marketing Director.

Don’t Hire an Agent…Hire a Team.  The Lowry Team.

Buyers and Sellers can reach The Lowry Team, Keller Williams at 513-874-1830.

Ready to start searching for your first home?  Start your home search here: www.LowryTeam.com

Here are some quick searches to get you started:

West Chester Ohio Homes For Sale Under $200,000

Liberty Township Ohio Homes For Sale Under $200,000

Mason Ohio Homes For Sale Under $200,000

Monroe Ohio Homes For Sale Under $200,000

Fairfield Township Ohio Homes For Sale Under $200,000

Fairfield Ohio Homes For Sale Under $200,000

Other articles that may interest you:

West Chester and Liberty Township Ohio Real Estate Market Report

The Value Of Being Pre-Approved

No Regrets For 1st Time Home Buyers

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Filed Under: Buyers, Eric Lowry's Articles, First-time Homebuyer, Rent vs Buy Tagged With: building equity, Buying A Home, cost of renting, First Time Home Buyer Neighborhoods, first time home buyer specialists, First Time Home Buyers, fixed rate mortgage, Homes For Sale, Housing Market, Keller Williams Realty, LowryTeam.com, median asking rent, Mortgages, paying a mortgage, rent vs own, The Lowry Team, The Lowry Team Keller Williams :: The Cost Of Renting

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