Rents are Surpassing Wages in a Number of Metropolitan Areas
Anyone who has rented a house or an apartment knows that often times the amount of rent you pay can sometimes be equal to that of mortgage payment. According to an article on CNBC, “Rents skyrocket well beyond wages” Rents are rising most in the local housing markets where renters are already stretched thinnest. In the five least affordable markets, rents are now 7.8 percent higher than they were a year ago. Because of basic economics, rents are rising because affordable housing supplies have not kept up at the same rate of growth. This is causing rents to “skyrocket” and a shortage of affordable housing options. According to CNBC the average rent rose about 6 percent from the previous year.
It might make more sense to purchase rather then rent if the trend continues, which it looks like it will. Interest rates are still at an all time low.
If you or anyone you know is relocating to the Alamo City in need of assistance finding a home, we would love to help. Click on the link below to see the article on my web page.
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