While low interest rates and improved home affordability are excellent reasons to buy a home right now, there is another great reason to consider homeownership – rising rents.
A recent article on CNNMoney.com said that, according to Trulia, rental rates have increased about 5.4% over the past year. One of the reasons for the rise is because of increased demand by displaced homeowners who have lost their homes to foreclosure or have sold through a short sale. While some of these people are moving in with family, many are putting increased demand pressure on rentals.
Before deciding to sign another lease, run the numbers and see if homeownership is a better – even more affordable – option for you and your family.
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