Buying a home could soon be preferable to renting
Posted on Tuesday, January 31, 2012 at 4:29:49 PM
The current state of the housing marketing could prompt consumers into considering homeownership over renting. Dropping housing prices, large market variety and new residential financing options for those with good credit and a ready down payment make buying a home a potential gold mine of opportunity.
Homeownership was unattainable for many before the market crash, making renting the most opportune option. However, the current market has leveled the playing field between the two. With approximately a 33 percent drop in home prices, plummeting mortgage rates and a 15 percent rise in rent costs since the housing crash, homeownership has become a more viable option for Americans, reports MSNBC.
According to the news source, the average mortgage payment in the United States is $700 a month. That is less than the current average in rent at $1,009, according to Bloomberg News.
It is a buyers market out there for potential homeowners outfitted with residential financing. Consumers can find remarkable deals in premier neighborhoods that normally might have been out of their price range for less and achieve a low mortgage rate.