A new report from the nation’s largest multi-sourced property database shows that, depending on where you live, it is now more affordable to buy a median-priced home than it is to rent a three-bedroom home.
The report from ATTOM Data Solutions shows this to be true in 240 of 447 counties, or 54% of the nation. Rising rents in many markets could soon force many renters to consider buying a home. Average fair market rents rose faster than weekly wages in 266 out of the 447 counties in the report, or 60% of housing markets.
Considering a switch to home ownership? Ask yourself how long you plan to live in the home. You should also educate yourself on all the costs of home ownership, and weigh those with the tax break you’ll receive.
There are many benefits of home ownership:
• You can build wealth through equity, since you are actually putting money into an investment vehicle.
• Homeowners can deduct the interest they’ve paid on their mortgage from their taxes.
• While landlords can increase the rent with every renewal, owning a home of your own gives you predictable mortgage payments year to year.
• Even though your mortgage payments can vary based on taxes or your loan product, owning is traditionally more stable than renting.
Depending on your circumstances, the value of owning your own home can be priceless. Talk to a professional mortgage specialist about your options to see if buying a home makes sense for you.
Resource Financial Services exists to make people’s dreams of home ownership a reality. The mortgage lender offers experienced mortgage specialists who work hard to educate homebuyers about the wide variety of loan programs that can be tailored to meet individual financial needs. Homebuyers can expect quicker closings, same-day pre-approval, 5-Day Processing and guaranteed lower rates.
Call toll-free at 877.797.4545 to speak with a mortgage banker or visit Resource Financial Services online at rfsmortgage.com to learn more.