{"id":1925,"date":"2017-08-01T10:00:57","date_gmt":"2017-08-01T10:00:57","guid":{"rendered":"https:\/\/thezakariagroup.com\/be-careful-not-to-get-caught-in-the-rental-trap\/"},"modified":"2017-08-01T10:00:57","modified_gmt":"2017-08-01T10:00:57","slug":"be-careful-not-to-get-caught-in-the-rental-trap","status":"publish","type":"post","link":"https:\/\/thezakariagroup.com\/be-careful-not-to-get-caught-in-the-rental-trap\/","title":{"rendered":"Be Careful Not to Get Caught in The Rental Trap!"},"content":{"rendered":"
\n

\"Be<\/p>\n

There are many benefits to homeownership. One of the top benefits is being able to protect yourself from rising rents by locking in your housing cost for the life of your mortgage.<\/span><\/p>\n

Don\u2019t Become Trapped\u00a0<\/strong><\/h4>\n

A recent article<\/a> by ConsumerAffairs<\/em> addressed the continuous rise in rents, stating:<\/p>\n

\n

\u201cThe cost of putting a roof over your head continues to go up. Not only are home prices still rising, but the cost of rent rose 0.5% in June<\/strong>.\u201d <\/em><\/p>\n<\/blockquote>\n

Additionally, in the\u00a0Joint Center for Housing Studies<\/em>\u00a0at\u00a0Harvard University\u2019s\u00a0<\/em>2017 State of the Nation\u2019s Housing Report<\/em><\/a>,<\/em>\u00a0it was revealed that,<\/p>\n

\n

\u201cDespite a slight improvement from 2014, fully one-third of US households paid more than 30 percent of their incomes for housing in 2015. Renters continue to be more likely to face cost burdens<\/strong>\u2026the number of cost-burdened renters (21 million) considerably outstrips the number of cost-burdened owners (18 million) even though nearly two-thirds of US households own their homes.\u201d<\/em><\/p>\n<\/blockquote>\n

These households struggle to save for a rainy day and pay other bills, including groceries and healthcare.<\/p>\n

It\u2019s Cheaper to Buy Than Rent\u00a0<\/strong><\/h4>\n

As we have previously mentioned<\/a>, the results of the latest Rent vs. Buy Report<\/em> from Trulia <\/em>shows that homeownership remains cheaper than renting <\/strong>with a traditional 30-year fixed rate mortgage in the 100 largest metro areas in the United States.<\/p>\n

The updated numbers show that the range is an average of 3.5% less expensive in San Jose (CA), all the way up to 50.1% less expensive in Baton Rouge (LA), and 33.1% nationwide<\/strong>!<\/p>\n

Know Your Options<\/strong><\/h4>\n

Perhaps you have already saved enough to buy your first home.\u00a0A nationwide survey<\/a> of about 24,000 renters found that 80% of millennial renters plan to eventually buy a house<\/strong>, but 72% cite affordability as their primary obstacle. Aside from affordability, one in three millennial renters have concerns about their credit scores,<\/strong> and another 53% said that a down payment is an obstacle<\/strong>.<\/p>\n

Many first-time homebuyers who believe that they need a large down payment may be\u00a0holding themselves back<\/a> from their dream homes. As we have reported\u00a0before<\/a>, in many areas of the country, a first-time home buyer can save for a 3% down payment in less than two years. You may have already saved enough!<\/p>\n

Bottom Line<\/strong><\/h3>\n

Don\u2019t get caught in the trap that so many renters are currently in. If you are ready and willing to buy a home, find out if you are able. Let\u2019s get together to determine if you can qualify for a mortgage now!<\/p>\n<\/div>\n

Powered by WPeMatico<\/a><\/small><\/p>\n","protected":false},"excerpt":{"rendered":"

There are many benefits to homeownership. One of the top benefits is being able to protect yourself from rising rents by locking in your housing cost for the life of your mortgage. Don\u2019t Become Trapped\u00a0 A recent article by ConsumerAffairs addressed the continuous rise in rents, stating: \u201cThe cost of putting a roof over your […]<\/p>\n","protected":false},"author":101010,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[98,99],"tags":[],"jetpack_publicize_connections":[],"yoast_head":"\nBe Careful Not to Get Caught in The Rental Trap! - The Zakaria Group<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/thezakariagroup.com\/be-careful-not-to-get-caught-in-the-rental-trap\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Be Careful Not to Get Caught in The Rental Trap! - The Zakaria Group\" \/>\n<meta property=\"og:description\" content=\"There are many benefits to homeownership. 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