Not so fast! According to a recent National Apartment Association apartment occupancy rates are high and renters are not eager to take a chance on home ownership.
- 69 percent of renters said they plan to stay renters for up to five more years.
- 50 percent of renters plan to continue renting their current residence for the next year - 46 percent of non-homeowners have no plans to buy a residence within the next year.
A whopping 71% of those surveyed felt that renting was actually seen as favorable to owning. I can understand that the perceived volatility of home values and mortgage rates could easily scare off potential buyers. But, when you stand back and look at the big picture. The perception of the current mortgage situation and the reality are not 1 in the same. Assuming the buyer is qualified there are some great bargains to be had and rates are still phenomenal.
Do your homework people! Don't let the media hype scare off renters from reaping the rewards of home ownership! If you are in a good loan I would argue that owning will consistently benefit and you more that renting - especially financially!
Low Rates + Lower Home Prices: Great Combo For 1st Time Buyers?
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