In the current economic climate, a lot of renters thinking homeownership is out of their reach. But if you think buying a home is out of reach, you might want to think again. According to the National Association of Realtors’ Realtors Confidence® Index, first-time buyers accounted for 29% of all home sales from late 2016 to late 2017. That’s nearly one-third of all home sales! And there’s a reason so many people are making the transition from renting to owning…
Rents are rising. According to a recent Zillow study, the median US rent is taking up 29.1% of household income, and costing tenants a whopping $2,000 more per year.
Data Source: Zillow
As renting becomes less economical, more and more tenants are exploring homeownership. And thanks to low down payment mortgage options (61% of first-time buyers made a down payment between 0 and 6%, according to the National Association of Realtors’ Realtors Confidence® Index), homeownership is more accessible for first-time buyers than ever, making it the ideal time to make a move.
The Takeaway For Homeownership
If you’re currently throwing a large chunk of your paycheck towards your rent, now’s the time to make a move and buy your first home. Not only is homeownership one of the best investments you can make in your future, but thanks to rising rents, you may also find yourself saving money in the short-term.
Opportunities like these are not the kind of things that you would miss out on when it come to homeownership. Take your own piece of heaven and consult with the most trusted local real estate agent who will be more than happy to show you what your options are. Remember that with each option presented, a new door opens up for a truly thriving future for your family as new residents of this beautiful place in Michigan called Oakland County.