{"id":1402,"date":"2021-01-20T15:43:26","date_gmt":"2021-01-20T15:43:26","guid":{"rendered":"https:\/\/phphouses.com\/blog\/?p=1402"},"modified":"2021-01-20T15:43:26","modified_gmt":"2021-01-20T15:43:26","slug":"owning-a-home-is-still-more-affordable-than-renting-one","status":"publish","type":"post","link":"https:\/\/phphouses.com\/blog\/owning-a-home-is-still-more-affordable-than-renting-one\/","title":{"rendered":"Owning a Home Is Still More Affordable Than Renting One"},"content":{"rendered":"
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Owning a Home Is Still More Affordable Than Renting One<\/p><\/div>\n

If spending more time at home over the past year is making you really think hard about\u00a0buying<\/a>\u00a0a home instead of renting one, you\u2019re not alone. You may be wondering, however, if the dollars and cents add up in your favor as home prices continue to\u00a0rise<\/a>. According to the experts, in many cases,\u00a0it\u2019s still more affordable to buy a home than rent one<\/strong>. Here\u2019s why.<\/p>\n

ATTOM Data Solutions<\/em>\u00a0recently released the\u00a02021 Rental Affordability Report<\/em><\/a>, which states:<\/p>\n

\u201cOwning<\/strong>\u00a0a median-priced three-bedroom home\u00a0is more affordable than renting<\/strong>\u00a0a three-bedroom property in 572, or\u00a063 percent of the 915 U.S. counties analyzed for the report<\/strong>.<\/em><\/p>\n

That has happened even though median home prices have increased more than average rents over the past year in 83 percent of those counties and have risen more than wages in almost two-thirds of the nation.\u201d<\/em><\/p><\/blockquote>\n

How is this possible?<\/strong><\/h4>\n

The answer: historically low mortgage interest\u00a0rates<\/a>. Todd Teta,\u00a0Chief Product Officer<\/em>\u00a0with\u00a0ATTOM Data Solutions<\/em>, explains:<\/p>\n

\u201cHome-prices are rising faster than rents and wages in a majority of the country. Yet,\u00a0home ownership is still more affordable<\/strong>, as amazingly\u00a0low mortgage rates<\/strong>\u00a0that dropped below 3 percent\u00a0are helping to keep the cost of rising home prices in check.<\/strong>\u201d<\/em><\/p><\/blockquote>\n

In 2020, mortgage rates reached all-time lows\u00a016 times<\/a>, and so far, they\u2019re continuing to hover in low territory this\u00a0year<\/a>. These low rates are a big factor in driving affordability. Teta also notes:<\/p>\n

\u201cIt\u2019s startling to see that kind of trend. But\u00a0it shows how both the cost of renting has been relatively high compared to the cost of ownership and how declining interest rates are having a notable impact on the housing market and home ownership.<\/strong>\u00a0The coming year is totally uncertain, amid so many questions connected to the Coronavirus pandemic and the broader economy. But right now, owning a home still appears to be a financially-sound choice for those who can afford it.\u201d<\/em><\/p><\/blockquote>\n

Bottom Line<\/strong><\/h3>\n

If you\u2019re considering buying a home this year, let\u2019s connect today to discuss the options that match your budget while affordability is in your favor.<\/p>\n

 <\/p>\n

Contact us:<\/strong>
\nPHP Houses
\n142 W Lakeview Ave
\nUnit 1030
\nLake Mary, FL 32746
\nPh:\u00a0(407) 519-0719<\/span>
\nFax:\u00a0(407) 205-1951<\/span>
\nemail:\u00a0info@phphouses.com<\/p>\n

Let\u2019s Connect:<\/strong>
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THE INFORMATION PRESENTED IN THIS ARTICLE IS FOR EDUCATIONAL PURPOSES ONLY AND SHOULD NOT BE CONSIDERED LEGAL, FINANCIAL, OR AS ANY OTHER TYPE OF ADVICE.<\/em><\/h6>\n","protected":false},"excerpt":{"rendered":"

According to the experts, in many cases,\u00a0it\u2019s still more affordable to buy a home than rent one. Here\u2019s why. Finish Reading Owning a Home Is Still More Affordable Than Renting One<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[36],"tags":[38,18,27,91,86,52,9,40,63,20,12,48,47,19,17],"_links":{"self":[{"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts\/1402"}],"collection":[{"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/comments?post=1402"}],"version-history":[{"count":1,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts\/1402\/revisions"}],"predecessor-version":[{"id":1404,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts\/1402\/revisions\/1404"}],"wp:attachment":[{"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/media?parent=1402"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/categories?post=1402"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/tags?post=1402"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}