Renters Paying Substantially More While Owning Costs Less | Vantage Realty Pros

-
Renters Paying Substantially More While Owning Costs Less | Vantage Realty Pros

In a recent Insights blog, CoreLogic reported that rent prices have skyrocketed since 2005. Meanwhile, the typical mortgage payment has actually decreased.
CoreLogic’s national rent index was up 36% in December 2018 compared with December 2005, while the typical mortgage payment was down 4% over that period.
Why the difference between the costs of renting versus owning?
It makes sense that rents have risen. However, how did mortgage payments decrease? CoreLogic explained:
It’s mainly because mortgage rates back in December 2005 were significantly higher, averaging 6.3% for a fixed-rate 30-year loan, compared with 4.6% in December 2018.
The national median sale price in December 2005 – $190,000 – was lower than the $220,305 median in December 2018, but because of higher mortgage rates in 2005 the typical monthly mortgage payment was slightly higher back then – $941 – compared with $904 in December 2018.
More Info : Renters Paying Substantially More While Owning Costs Less | Vantage Realty Pros
Website : Vantagerealtypros
Like on Facebook : Vantagerealtypros | Facebook.com
Follow on Twitter : Vantagerealtypros | Twitter.com

Comments

Post a Comment

Popular posts from this blog

Homebuyers Willing to Sacrifice ‘Must-Haves’ in Favor of Good School Districts

-
Image
It should come as no surprise that buying a home in a good school district is important to homebuyers. According to a  report  from  Realtor.com , 86% of 18-34 year-olds and 84% of those aged 35-54 indicated that their home search areas were defined by school district boundaries. What is surprising, however, is that 78% of recent homebuyers sacrificed features from their  “must-have”  lists in order to find homes within their dream school districts. The top feature sacrificed was a garage at 19%, followed closely by a large backyard, an updated kitchen, the desired number of bedrooms, and an outdoor living area. The full results are shown in the graph below. Buyers are attracted to schools with high test scores, accelerated academic programs, art and music programs, diversity, and before and after-school programs. With a limited number of homes available to buy in today’s real estate market, competition is fierce for homes in good school districts. Danielle Hale,  Ch
Read more

Guide For First Time Home Buyers

-
Image
Everyone Knows that the Home prices always increase. Many of you have checked that from last seven to eight years Home buying is became costly. Home prices have been on the rise, leading many housing market analysts to conclude that first-time home buyers are being shut out of the market due to affordability concerns. The National Association of Realtors (NAR) reports on the percentage of First-Time Home Buyers (FTHB) on a monthly and yearly basis. Their latest report shows that FTHB’s made up 33% of buyers in March, which matches their reported share in 2018. NAR uses survey data from their members to come up with this statistic, so their results do not include every transaction completed. Rather, they only the transactions reported by members who complete the survey. The other entity that reports on FTHB share is the American Enterprise Institute (AEI). The AEI uses data from mortgage applications that define an FTHB as “any borrower who did not have a mortgage for the pr
Read more

Home Sales Expected to Continue Increasing in 2019

-
Image
Freddie Mac ,  Fannie Mae,  and  t he  Mortgage Bankers Association  are all projecting that home sales will increase nicely in 2019. Below is a chart depicting the projections of each entity for the remainder of 2018, as well as for 2019. As we can see,  Freddie Mac ,  Fannie Mae,  and   t he  Mortgage Bankers Association  all believe that homes sales will increase steadily over the next year. If you are a homeowner who has considered selling your house recently, now may be the best time to put it on the market. Powered by  WPeMatico For More Info : Visit Here :  Home For Sale NC
Read more