Buying Trumps Renting If You Have The Down Payment

Buying Trumps Renting If You Have The Down Payment

While renting can be a solid choice while saving for a down payment, recent findings show that homeownership is still the better deal. The cost of renting is rising faster than any other time in the last six years, according to the Bureau of Labor Statistics, while rental inventory stands at a 20-year low.

While rising rents and lack of inventory might nudge renters into buying a home, National Association of Realtors® Chief Economist Lawrence Yun points out that tight credit standards, student debt, and the growth of multigenerational households are contributing to the lowest number of first-time home buyers in decades (as shown in the 2014 NAR Profile of Home Buyers and Sellers).  Additionally, rising rents mean less money to put away for that down payment.  Even with these difficulties, Yun projects first-time home buyers will be more active in the 2015 housing market, freeing up some of that rental inventory.

If you are still debating on renting vs. purchasing, please give me a call. I can get you connected with our mortgage lender who will be able to go over all of the details and requirements to help you purchase your first home.

"Buying Trumps Renting--If You've Got the Down Payment"

December 30th, 2014

Carl Vonderhorst Headshot
Phone: 630-946-9460
Dated: January 26th 2015
Views: 535
About Carl: Carl Vonderhorst has been a resident of the Chicagoland area for over 15 years. He has a degree in ...

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