Welcome to the AllIdahoFallsRealEstate.com Blog

2018-09-04 16:11:47
Rents Are on The Rise: Don’t Get Caught in The Rental Trap!

There are many benefits to homeownership, but one of the top benefits is protecting yourself from rising rents by locking in your housing cost for the life of your mortgage.

Don’t Become Trapped 

A recent article by Apartment List addressed rising rents by stating:

Our national rent index is up 0.1 percent month-over-month, marking the sixth straight month of increasing rents. Year-over-year growth now stands at 1.2 percent.”

The article continues, explaining that:

Rents increased month-over-month in 62 of the nation’s 100 largest cities, down significantly from the 85 cities that saw rents rise last month. That said, rents are still up year-over-year in most of the nation’s largest markets — 77 of the 100 largest cities have seen rents increase over the past twelve months.”

Additionally, Urban Land Magazine explained that,

Currently, nearly half (47 percent) of renter households are cost burdened(i.e., paying more than 30 percent of income for housing), while 25 percent (totaling 11 million households) are severely cost burdened, paying over 50 percent of their total household income for rent.”

These households struggle to save for a rainy day and pay other bills, including groceries and healthcare.

There are many benefits to homeownership, but one of the top benefits is protecting yourself from rising rents by locking in your housing cost for the life of your mortgage.

Don’t Become Trapped 

A recent article by Apartment List addressed rising rents by stating:

Our national rent index is up 0.1 percent month-over-month, marking the sixth straight month of increasing rents. Year-over-year growth now stands at 1.2 percent.”

The article continues, explaining that:

Rents increased month-over-month in 62 of the nation’s 100 largest cities, down significantly from the 85 cities that saw rents rise last month. That said, rents are still up year-over-year in most of the nation’s largest markets — 77 of the 100 largest cities have seen rents increase over the past twelve months.”

Additionally, Urban Land Magazine explained that,

Currently, nearly half (47 percent) of renter households are cost burdened(i.e., paying more than 30 percent of income for housing), while 25 percent (totaling 11 million households) are severely cost burdened, paying over 50 percent of their total household income for rent.”

These households struggle to save for a rainy day and pay other bills, including groceries and healthcare.

It’s Cheaper to Buy Than Rent

As we have previously mentioned, the results of the latest Rent vs. Buy Report from Trulia show that homeownership remains cheaper than renting with a traditional 30-year fixed rate mortgage in the 100 largest metro areas in the United States.

The updated numbers show that the range is an average of 2% less expensive in Honolulu (HI), all the way up to 48.9% less expensive in Detroit (MI), and 26.3% nationwide!

Know Your Options

Perhaps you have already saved enough to buy your first home. A nationwide survey of about 1,166 renters found that 34% said they rent because they cannot afford to buy, 29% said they cannot afford to buy where they live, and nearly a quarter (24%) were saving to buy.

Many first-time homebuyers who believe that they need a large down payment may be holding themselves back from their dream homes. As we have reported before, in many areas of the country, a first-time homebuyer can save for a 3% down payment in less than two years. You may have already saved enough!

Bottom Line

Don’t 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’s get together to determine if you can qualify for a mortgage today!

 
Blog Archive
2019-05-23 13:44:08
Incredible Riverfront Property Open House

2019-05-21 13:37:34
Catching up with The Cindy Bates Group at Keller Williams Realty East Idaho

2019-05-21 12:13:22
Are Older Idaho Falls Generations Really Not Selling Their Homes?

2019-05-16 22:02:25
4 Tips for Making a Competitive Offer

2019-04-26 12:40:46
Earth Day Celebration Idaho Falls

2019-04-23 14:14:27
Selling Your Idaho Falls House: Here's Why You Need A Pro In Your Corner!

2019-04-17 15:56:45
Emily Pickett- Administrative Assistant for The Cindy Bates Group

2019-04-16 14:52:56
Homeowners: Now Is A Good Time To Sell Your House in Idaho Falls

2019-04-15 23:43:13
3 Questions You Need To Ask Before Buying A Home in Idaho Falls

2019-04-11 14:07:24
Your Idaho Falls Home Spring Maintenance Checklist

2019-04-10 13:20:50
Home Buyer Demand Will Be Strong for Years to Come in Idaho Falls

2019-04-08 13:50:50
What to Consider When Retiring in Idaho Falls

2019-04-05 13:35:10
Shalan Hyde- Listing Agent with The Cindy Bates Group Idaho Falls

2019-04-04 10:39:58
Burning Season In Idaho Falls!

2019-04-03 14:54:28
Looking to Upgrade Your Current Idaho Falls Home? Now’s the Time to Move-Up!

2019-04-02 19:20:28
Moving Things Along in Idaho Falls!

2019-04-01 16:59:03
Idaho Falls among top 25 Best Small Cities for Business in America

2019-03-29 18:53:07
We have Many Hands Working for You in Idaho Falls!

2019-03-27 10:54:58
Is April is the Best Month to List A Home in Idaho Falls?

2019-03-26 10:50:20
Amazing Service Opportunity In Idaho Falls

2019-03-25 10:25:59
Your Tax Refund Is The Key To Idaho Falls Homeownership!

2019-03-22 12:18:22
20 Tips for Preparing Your Idaho Falls House for Sale This Spring [INFOGRAPHIC]

2019-03-21 10:34:38
Is Your Idaho Falls House Priced To Sell Immediately (PTSI)?

2019-03-18 19:17:07
The Cost of Renting vs. Buying in Idaho Falls

2019-03-15 10:22:40
Idaho Falls, Don’t Let Your Luck Run Out! Buy A Home This Spring [INFOGRAPHIC]

Click here to see ALL articles.


Comment on this Article

Your Name:
Your Email:
Comments:
Verify:  Please enter the numbers shown to help eliminate spam.