Stop Renting and Buy a Home Instead
Renters are beginning to feel the pressure of rising rates.
Unlike homeowners, renters don’t have the security of knowing what their payments will be once their lease is up for renewal. Nearly every renter I’ve heard from lately has said that they want to find a place to move before things get out of hand.
In Phoenix, the average rent increased by 26.4% over the last year. Rent for a one-bedroom apartment in Chandler rose by 50.8%. Mesa renters are paying 30.6% more than they were, and Tempe rents increased by 21%.
"The longer you wait to buy, the less affordable both homes and rental properties become."
The best way to escape the volatility of rising rents is to become a homeowner with a fixed monthly payment. However, interest rates are on the rise this year, and as rates climb, your purchasing power decreases. Buying a home right now may be your best chance to lock in a low rate. The longer you wait, the less affordable both homes and rental properties become.
If the stability and consistency that come with homeownership sound appealing to you, or if you have questions about the market, give me a call or send me an email. I’d love to help you.