According to a recent study by the National Apartment Association, rents for residential properties have been on the rise throughout the United States. In fact, in June of 2022 rental prices had increased by an average of 14% when compared to the same month in 2021. This is great news for landlords and property owners, but may be bad news for tenants who are already struggling to keep up with rising costs of living.
There are a number of factors that have contributed to the rise in rental prices. One is the increasing demand for rentals as more people are moving to urban areas. Another factor is the decrease in supply of rentals, as many landlords have been converting their properties into condos or apartments that can be sold for a higher price.
Whatever the reasons, it’s clear that renters will need to start budgeting for increased costs in the near future. If you’re a renter, now is a good time to start looking into trying to purchase a home rather then rent, as the costs of ownership have been relatively stable over the past few years.
How to go from renter to homeowner?
There are a few things to consider before making the jump from renting to owning. The first is property taxes. In most cases, you will be responsible for paying these annually. The amount you’ll pay will depend on the value of your home and the area in which you live. You’ll also need to factor in the cost of homeowners insurance and any repairs or maintenance that may come up.
If you’re ready to take the plunge into homeownership, there are a few things you can do to prepare yourself financially. One is to start saving for a down payment on your home. 20% is typically the minimum required by lenders, but if you can put down more than that it will help lower your monthly payments. Another thing you can do is get pre-approved for a mortgage so that you know how much money you’ll have to work with.
The second thing to consider is whether or not you’re ready for the commitment. Owning a home means being tied down to one location for at least a few years. If your thinking of making the change from renter to home owner I am here to assist you.
Lets Start A Conversation
If you’re looking to purchase a home in the near future and would like more information on current market conditions, please don’t hesitate to contact me. I would be happy to chat with you about your options and help you find the perfect home for your needs.
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