With Rents on the Rise, Is Now the Time To Buy?
According to recent data from Realtor.com, median rental prices have reached their highest point ever recorded in many areas across the country.
The report found rents rose by 8.1% from the same time last year. As it notes: Beyond simply recovering to pre-pandemic levels, rents across the country are surging.
Typically, rents fluctuate less than 1% from month to month. In May and June, rents increased by 3.0% and 3.2% from each month to the next.”
If you’re a renter concerned about rising prices, now may be the time to consider purchasing a home.
Monthly Rents Are Higher Than Monthly Mortgage Payments
When you weigh your options of whether to buy a home or continue renting, how much you’ll pay each month is likely top of mind. According to the National Association of Realtors (NAR), monthly mortgage payments may rise slightly this year, but they’re still significantly lower than the typical rental payment.
NAR indicates the latest data on homes closed shows the median monthly mortgage payment is $1,204. By contrast, the median national rent is $1,575 according to the most current data provided by Realtor.com.
In other words, buyers who recently purchased a home locked in a monthly payment that is, on average, $371 lower than what renters pay today.
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Rents are increasing the most in Riverside, CA; Memphis, TN; Tampa, FL; and Phoenix, AZ metro areas – all saw rents grow more than 20% year-over-year in June. Ouch!
With rents continuing to rise across the country, renters should consider if now is the right time to buy. There are multiple benefits to buying sooner rather than later. Talk with the Martin Group, your trusted real estate advisors, so you can make your informed decision. Just text or call 561-339-1779 to schedule your free consultation.
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