Over the past several years, due in part to the mortgage meltdown of 2008 – 2009, rental rates continue to be on the rise. In fact, in some areas of the country, more people than ever have opted to rent rather than buy – and because of that, there are also many areas where the supply for rental units is exceeding the supply, in turn, raising rent prices and ultimately making it unaffordable for some.
According to the New York Times, today, nearly half of all renters pay in excess of 30% of their income on rent. And, according to Livability.com, the average monthly rent in Bakersfield, California, is higher than that of the U.S. average – while this same source sites that the average monthly cost for home owners with a mortgage, is lower than the nation as a whole1.
So, while there can be some definite advantages to renting, given what it can cost you to live in a place where your payment is building no equity, maybe it is time to consider purchasing your next abode.
As a homeowner, each and every month, your mortgage payment could instead be going towards paying down your mortgage, and building up equity in what may just be your biggest lifetime investment.
Owning your home also means not having to ask permission if you want to paint, carpet – or get a pet. It can also mean having a place to hang your hat for the long-term, without worry that your landlord has other plans for the unit that you’re leasing, or even the entire development.
Today, there are some great opportunities for first time home buyers for securing a mortgage that’s affordable, and that may not require you to put down as much money as you might think. Would you like to take a look at some potential homes to call your own? If so, Contact Us and we’ll show you the many possibilities.