Tuesday, September 1, 2020

The Cost of Renting vs Buying

Looking at the percentage of income needed to rent a median-priced home today (28.8%) vs. the percentage needed to buy a median-priced home (17.1%), the choice to buy is obvious.

The percentage of income needed to afford a median-priced home today is declining, while that for renting is on the rise. This is making buying a home an increasingly attractive option for many people, especially with low mortgage rates driving purchasing power.

Let’s connect if you’d like expert guidance on exploring your homebuying options while affordability is high.

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