July 18th, 2012
In a Zillow blog post, “Rents Rise as More Americans Flock Back Into Cities,” contributor John Kelly gives yet another reason why buying a home now is a good idea: Rental costs are going up monthly.
Census data shows more people, particularly young ones, are moving into the cities, therefore the demand for dwellings is on the up.
Kelly points out that many young adults just out of college can’t afford to buy, so they have no other choice but to rent. If renting is a necessity, then rising costs won’t deter people from renting.
But before you assume you fall into the category of “can’t afford to buy” – which in many cases in due more to credit score than income – contact a mortgage professional at Acadia Lending Group, as we can help you consider your options. A mortgage payment often isn’t that much more than rent, and a home is an investment.