RENT VS BUY FREDERICKSBURG, STAFFORD VA

RENT VS BUY FREDERICKSBURG, STAFFORD VA , With record low interest rates, find out how you can own for less than you are renting. Find out today call 540-834-6924, Top Agent Fredericksburg, Stafford VA , Pam Martin exp Realty

RENT VS BUY FREDERICKSBURG, STAFFORD VA

Owning a Home Is Still More Affordable Than Renting One



If spending more time at home over the past year is making you really think hard about buying a home instead of renting one, you’re not alone. You may be wondering, however, if the dollars and cents add up in your favor as home prices continue to rise. According to the experts, in many cases, it’s still more affordable to buy a home than rent one in the Fredericksburg, Stafford VA area. Here’s why.

 

Owning a median-priced three-bedroom home is more affordable than renting a three-bedroom property in 572, or 63 percent of the 915 U.S. counties analyzed for the report.

That has happened even though median home prices have increased more than average rents over the past year in 83 percent of those counties and have risen more than wages in almost two-thirds of the nation.”

How is this possible?

The answer: historically low mortgage interest rates. Todd Teta, Chief Product Officer with ATTOM Data Solutions, explains:

“Home-prices are rising faster than rents and wages in a majority of the country. Yet, home ownership is still more affordable, as amazingly low mortgage rates that dropped below 3 percent are helping to keep the cost of rising home prices in check.

In 2020, mortgage rates reached all-time lows 16 times, and so far, they’re continuing to hover in low territory this year. These low rates are a big factor in driving affordability. Teta also notes:

“It’s startling to see that kind of trend. But it shows how both the cost of renting has been relatively high compared to the cost of ownership and how declining interest rates are having a notable impact on the housing market and home ownership. The coming year is totally uncertain, amid so many questions connected to the Coronavirus pandemic and the broader economy. But right now, owning a home still appears to be a financially-sound choice for those who can afford it.”

Bottom Line

If you’re considering buying a home this year in Fredericksburg, let’s connect today 540-834-6924 to discuss the options that match your budget while affordability is in your favor.

RENT VS BUY FREDERICKSBURG, STAFFORD VA

 

Pam Martin - 540-834-6924 

Top Agent eXp Realty 

Fredericksburg, Stafford VA 

 

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Data last updated: Mar 5, 2021 11:33:am.