{"id":2026,"date":"2017-12-19T11:00:08","date_gmt":"2017-12-19T11:00:08","guid":{"rendered":"https:\/\/thezakariagroup.com\/rents-are-on-the-rise-dont-get-caught-in-the-rental-trap\/"},"modified":"2017-12-19T11:00:08","modified_gmt":"2017-12-19T11:00:08","slug":"rents-are-on-the-rise-dont-get-caught-in-the-rental-trap","status":"publish","type":"post","link":"https:\/\/thezakariagroup.com\/rents-are-on-the-rise-dont-get-caught-in-the-rental-trap\/","title":{"rendered":"Rents Are on the Rise: Don\u2019t Get Caught in the Rental Trap!"},"content":{"rendered":"
\n

\"Rents<\/p>\n

There are many benefits to homeownership. One of the top benefits is protecting 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 Apartment List<\/em> addressed rising rents by stating:<\/p>\n

\n

\u201cRents are up 2.7% year-over-year at the national level.<\/em><\/strong> Year-over-year growth continues to fall between the 2.1% rate from this time last year and the 3.4% growth rate from October 2015.\u201d <\/em><\/p>\n<\/blockquote>\n

The article continues explaining that:<\/p>\n

\n

\u201cDespite the seasonal slowdown, rents are still up<\/strong> year-over-year in 89 of the 100 Largest cities<\/strong>. <\/em><\/p>\n<\/blockquote>\n

Additionally, the Urban Institute<\/em> revealed<\/a> that,<\/p>\n

\n

\u201cOver a<\/strong> quarter of renters, or<\/strong> 11.1 million households, are severely cost burdened<\/strong>, spending at least half their income on rental housing. <\/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 6.5% less expensive in San Jose (CA), all the way up to 57% less expensive in Detroit (MI) and 37.4% 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 protecting 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 Apartment List addressed rising rents by stating: \u201cRents are up 2.7% year-over-year at the national level. Year-over-year growth continues […]<\/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":[98,99,111],"tags":[],"jetpack_publicize_connections":[],"yoast_head":"\nRents Are on the Rise: Don\u2019t 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\/rents-are-on-the-rise-dont-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=\"Rents Are on the Rise: Don\u2019t 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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