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You are here: Home / Blog / Tips for Home Buyers

Be careful not to get caught in the rental trap!

September 1, 2017

Be careful not to get caught in the rental trap!

There are many benefits to home ownership. One of the top benefits is being able to protect yourself from rising rents by locking in your housing cost for the life of your mortgage.

A recent article by Consumer Affairs addressed the continuous rise in rents, stating: “The cost of putting a roof over your head continues to go up. Not only are home prices still rising, but the cost of rent rose 0.5% in June.”

Additionally, in the Joint Center for Housing Studies at Harvard University’s 2017 State of the Nation’s Housing Report, it was revealed that, “Despite a slight improvement from 2014, fully one-third of U.S. households paid more than 30 percent of their incomes for housing in 2015.”

Additionally, renters continue to be more likely to face cost burdens… the number of cost-burdened renters (21 million) considerably outstrips the number of cost-burdened owners (18 million) even though nearly two-thirds of U.S. households own their homes.

These households struggle to save for a rainy day and pay other bills, including groceries and healthcare.

It’s Cheaper to Buy Than Rent

As we have previously mentioned, the results of the latest Rent vs. Buy Report from Trulia shows that home ownership remains cheaper than renting with a traditional 30-year fixed rate mortgage in the 100 largest metro areas in the United States.

The updated numbers show that the range is an average of 3.5% less expensive in San Jose (CA), all the way up to 50.1% less expensive in Baton Rouge (LA), and 33.1% nationwide!

Know Your Options

Perhaps you have already saved enough to buy your first home. A nationwide survey of about 24,000 renters found that 80% of millennial renters plan to eventually buy a house, but 72% cite affordability as their primary obstacle. Aside from affordability, one in three millennial renters have concerns about their credit scores, and another 53% said that a down payment is an obstacle.

Many first-time home buyers who believe that they need a large down payment may be holding themselves back from their dream homes. As we have reported before, in many areas of the country, a first-time home buyer can save for a 3% down payment in less than two years. You may have already saved enough!

Bottom Line

Don’t get caught in the trap that so many renters are currently in. If you are ready and willing to buy a home, find out if you are able. Let’s get together to determine if you can qualify for a mortgage now!

Filed Under: Tips for Home Buyers, Home Ownership Tagged With: Rent vs. Own

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"I listed my home with Russ and he had an offer for me within 7 days. I had listed with two other Realtors with no success. I have bought and sold several homes in my lifetime and I will say that Russ is the best Realtor that I have ever had."
- G.S., Green Valley AZ
"We were out-of-town buyers and bought our condo sight unseen. First time ever we did this but Russ helped us every step of the way. He sent us videos of the condo, showed the condo to our friend who lives in Green Valley, set up home inspections, and explained differences in Arizona real estate laws/processes to us clearly. He also sent us a timeline on when specific tasks needed to be completed, and he was always available to discuss questions or concerns. We never felt pressured – only felt that we were working with a professional who was looking out for our best interests. We would use him again in a heart beat!"
- J.S., Green Valley, AZ
"A+ service! We listed our house to sell in Sahuarita with Russ. This was a long distance sale as we were out of state when we listed. Most everything was done over the phone and with online e-signing. Russ answered all questions very quickly and followed up with details and items that were needed for the seller at closing. A+ service!"
- D.C., Sahuarita AZ
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Russ Fortuno, Associate Broker

I'm a Southern Arizona native and year-round Green Valley resident. Whether you’re buying or selling a home in the Green Valley or Sahuarita area, you’ll experience unsurpassed service and professionalism at all stages of your real estate transaction. I welcome the opportunity to assist in your next home sale or purchase.
Meet Russ

Tierra Antigua Realty

18745 S. I-19 Frontage Rd., Ste. A105
Green Valley, AZ 85614
(520) 333-0446
Contact Russ

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