Over the last couple of years rent prices have been rising rapidly across the United States. Low vacancy rates have allowed landlords to hike rates at 2-3% per year. At the same time, mortgage interest rates have dropped over the last few months. In addition, home values have been steadily increasing again after the bottom fell out of the housing market in 2007-2008.
All of these factors add up to make purchasing and owning a home increasingly attractive to many Americans. In many areas of the country, mortgage payments are the same or lower than rent costs. And with home values steadily increasing, owning a home can mean owning an appreciating asset that can often be sold at a profit down the road rather than simply pouring money into rent.
If you have considered buying a home, contact us at our home purchase page today. Our counselors can point you in the right direction regarding available government-backed home purchase programs.