According to a new article in Forbes magazine. Rental rates are skyrocketing across the country. Denver's rent rates have gone up 10.2% in the last year. This is compared to the national average which is at around 3.3%. In many cases it's actually cheaper to buy than to rent.
This also makes it more difficult for people to save for downpayments on homes they are purchasing as they are spending closer to 30% of their monthly income on rent instead of 25%. There are 0-down loan programs that are available but many have income caps. In addition to rent going up across the country, interest rates look like they may be on the rise soon as well. To make the whole situation even more interesting...in our area we have a extremely competitive market with low inventory. So if you're looking at buying now (which is looking like a better and better choice) be prepared for a fight to get the house you want, especially in the lower price points.
Author:Sarah Rowan Phone: 970-397-5774 Dated: March 3rd 2015 Views: 375 About Sarah: Sarah was a licensed real estate agent for 10 years before transitioning into the mortgage industry ...
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Interest rates are at 7 month lows!!!That's a conversation no one
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