I found the following statistics in an article published by Keeping Current Matters, where they quoted a recent article from Apartment List:
“Our national rent index is up 0.1 percent month-over-month, marking the sixth straight month of increasing rents. Year-over-year growth now stands at 1.2 percent.”
“Rents increased month-over-month in 62 of the nation’s 100 largest cities, down significantly from the 85 cities that saw rents rise last month. That said,rents are still up year-over-year in most of the nation’s largest markets — 77 of the 100 largest cities have seen rents increase over the past twelve months.”
AND from Urban Land magazine:
“Currently, nearly half (47 percent) of renter households are cost burdened(i.e., paying more than 30 percent of income for housing), while 25 percent (totaling 11 million households) are severely cost burdened, paying over 50 percent of their total household income for rent.”
Believe it or not, buying IS cheaper than renting. It’s just a matter of saving for that down payment, which does NOT have to be 20%.
Reach out to me and I’ll hook you up with my favorite mortgage rep and we can all talk about your options.