Renting Really Is Twice As Expensive As Buying
Posted by New Home Resource on May 11, 2015 in
The stats are really quite simple.
- On average, homebuyers with median income who purchase the typical home spend 15.3% of their income on their monthly house payment.
- In contrast, renters spend 29.9% of their monthly income on rent.
(Data source: Zillow, 12/9/14 article.)
Those are pretty impressive numbers, or make that ‘distressing’ if you’re renting. Given the economic turmoil of recent years, many people may be under the misconception that they’ll “never be able to own a home again.” But that’s not necessarily the case. Many mortgage brokers now have access to financing programs that give buyers that second chance they need (Premier Mortgage Lending is one, with a private lending division that specializes in “Another Chance” for Nevada homebuyers.)
And even though home ownership may not happen for everyone right now, it’s worth a phone call to find out the answer to the question: “If not now, when?” Your real estate agent and the right mortgage lender can give you advice on how to begin organizing your finances so that you’ll be able to qualify for a home sooner, rather than later.
Perhaps the hardest part is not knowing. So arm yourself with knowledge. While we are all thankful simply to have a roof over our heads – there’s nothing as emotionally uplifting or confidence-inspiring like walking into the door of your very own home. That place where you can hammer a nail in the wall. Paint the colors you want. And for some, simply not have to get ‘approval’ to have your own pet is reason enough.
Las Vegas – and America – is bouncing back. Don’t give up on your home ownership dream. Just make it happen.
New Home Resource helps current and future homeowners with their Las Vegas real estate needs. Please contact a New Home Resource Realtor® today at 702-365-1000 or at www.newhomeresource.com. Broker Joanna Piette, and agents Denise Moreno Thrasher, Jessica O’Brien, Evelyn ‘Beng’ Kern, Lance Partin and Kathy Paterniti are all here to help!