{"id":1925,"date":"2021-08-03T13:48:49","date_gmt":"2021-08-03T13:48:49","guid":{"rendered":"https:\/\/phphouses.com\/blog\/?p=1925"},"modified":"2021-08-03T13:48:49","modified_gmt":"2021-08-03T13:48:49","slug":"rents-rise-now-time-buy","status":"publish","type":"post","link":"https:\/\/phphouses.com\/blog\/rents-rise-now-time-buy\/","title":{"rendered":"With Rents on the Rise \u2013 Is Now the Time To Buy?"},"content":{"rendered":"
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With Rents on the Rise \u2013 Is Now the Time To Buy?<\/p><\/div>\n

According to recent data from\u00a0realtor.com<\/em>, median\u00a0rental prices have reached their highest point ever recorded<\/strong>\u00a0in many areas across the country. The\u00a0report<\/a>\u00a0found rents rose by\u00a08.1%<\/strong>\u00a0from the same time last year. As it notes:<\/p>\n

\u201cBeyond simply recovering to pre-pandemic levels, rents across the country are surging.<\/strong>\u00a0Typically, rents fluctuate less than 1% from month to month. In May and June, rents increased by 3.0% and 3.2% from each month to the next.\u201d<\/em><\/p><\/blockquote>\n

If you\u2019re a renter concerned about rising prices,\u00a0now may be the time to consider purchasing a home<\/strong>.<\/p>\n

Monthly Rents Are Higher Than Monthly Mortgage Payments<\/strong><\/h4>\n

When you weigh your options of whether to buy a home or continue renting, how much you\u2019ll pay each month is likely top of mind. According to the\u00a0National Association of Realtors\u00a0<\/em>(NAR),<\/em>\u00a0monthly\u00a0mortgage payments<\/a>\u00a0are rising,\u00a0but they\u2019re still significantly lower than the typical rental payment.\u00a0<\/strong>NAR indicates the latest data on homes closed shows the median monthly mortgage payment is $1,204.<\/p>\n

By contrast, the median national rent is $1,575 according to the most current data provided by\u00a0realtor.com<\/em><\/a>.\u00a0In other words, buyers who recently purchased a home locked in a monthly payment that is, on average, $371 lower than what renters pay today<\/strong>\u00a0(see graph below)<\/em>:<\/p>\n

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Median Monthly Rental Prices<\/p><\/div>\n

Rents Are Rising Sharply, and They Continue To Increase<\/strong><\/h4>\n

The difference in monthly housing costs when comparing renting and homebuying today is significant, but many would-be homebuyers wonder about the future of rental prices. If we look to historical\u00a0Census<\/a>\u00a0data as a reference,\u00a0the median asking rent has risen consistently since 1988\u00a0<\/strong>(see graph below<\/em>):<\/p>\n

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Median Asking Rent Since 1988<\/p><\/div>\n

The rise in rent over time clearly shows one of the major advantages homeownership has over renting:\u00a0stable housing costs<\/a>. Renters face increasing costs every year. When you purchase your home, your mortgage rate is locked in for 30 years, meaning your monthly payment stays the same over time. That gives you welcome peace of mind and predictability for many years ahead.<\/p>\n

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

With rents continuing to rise across the country, renters should consider if now is the right time to buy. There are multiple benefits to buying sooner rather than later. Let\u2019s discuss your options so you can make your most powerful decision.<\/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>
\nFacebook<\/a>
\nLinkedin<\/a>
\nTwitter<\/a>
\nInstagram<\/a><\/p>\n

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><\/h5>\n","protected":false},"excerpt":{"rendered":"

According to recent data from\u00a0realtor.com, median\u00a0rental prices have reached their highest point ever recorded\u00a0in many areas across the country. Finish Reading With Rents on the Rise \u2013 Is Now the Time To Buy?<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[36],"tags":[38,240,15,18,27,86,25,9,49,23,40,63,20,12,48,13,239,54,47,19,17],"_links":{"self":[{"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts\/1925"}],"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=1925"}],"version-history":[{"count":1,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts\/1925\/revisions"}],"predecessor-version":[{"id":1929,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts\/1925\/revisions\/1929"}],"wp:attachment":[{"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/media?parent=1925"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/categories?post=1925"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/tags?post=1925"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}