Rent Or Own

Dated: 11/13/2017

Views: 158

Image titleRent or Own

Millennials are leading the way to single-family rentals, and myriad factors contribute to this trend. Many young adults aren’t in a hurry to lay down roots, whether they’re prone to traveling or simply aren’t ready to commit to one area or one home. Student loans and stagnant incomes can also make it harder to save up for a down payment. And it’s inevitable that young people who came of age during the housing bubble would be reluctant to take a leap of faith and commit to a 30-year mortgage.

When did home renting become so popular? The trend began with large firms buying up cheap homes during the recession and turning them into cash-generating rentals—often rented by families who’d lost their own homes or who could no longer qualify for mortgages. Institutional investors, which are organizations like banks, hedge funds, and mutual funds, gobbled up millions of single-family homes that fell into foreclosure. Now many small investors and individuals have taken advantage buying a handful of rental properties.

The main attraction to renting is obvious: buyers don’t need a large down payment to move in. While plenty of mortgage programs give would-be buyers a break on the traditional 20% down mortgage model. 

However programs of low down payment and zero down are back and available. Also, the credit pendulum is swinging back in favor of the buyer.  The STILL very low-interest rates and low inflation of our area make it is often less costly to own instead of paying rent.

If you want to find out what you can afford we can help. Give me a call. 


Frank "Cicci" Ruma
440-212-5626

Latest Blog Posts

This Week

This Week...The median list price in MEDINA, OH 44256 this week is $299,900. The 235 properties have been on the market for an average of 128 days.The Market Action Index has been trending down

Read More

New Construction Rates And Inflation

Turning to residential construction, new home starts and building permits beat economists’ forecasts. Permits hit the highest level since 2007 (second chart below).Looking ahead, residential

Read More

It Is Time To Move Up

From a Forbes article "It’s a good time to be a seller in the low- to mid-range market,” Vivas adds, pointing to an imbalance of buyers to sellers there. It’s a hard time to be a millennial

Read More

Rates Rates And More Rates

Based on the recent Federal Reserve Meeting there is close to a 100% likelihood that rates will increase in March. Higher rates and a shortage of inventory will make your next housing investment

Read More