How much have rents gone up this year?

According to Apartment List’s National Rent Report, rental prices went up $300 per month in 2021. And sources like MBS Highway expect this trend to continue in 2022, albeit at a slightly slower pace.

If you’re currently renting or are considering renting, while you may have a roof over your head, renting doesn’t help you build wealth like homeownership does.

For example, that extra $300 per month you’re spending on rent, based on current rates, would be like having a $70,000 mortgage. Meaning if you were to use that extra $300 per month to purchase a house, you would have an additional $70,000 in buying power you could put towards purchasing your dream home.

Additionally, when you purchase a home, that property continues to appreciate, helping you build wealth. But if you decide to rent, the only person building wealth through real estate is your landlord.

Contact a local advisor today to see if homeownership is the right option for you.

Recessions and Real Estate

Recessions and Real Estate

The media has been sounding the alarms on a potential recession this year, which has many questioning if it’s a good time to purchase a home. When people hear about recessions, most remember the sharp decline in home prices during the housing bubble and 2009...

Fannie Mae HomeStyle Loan – What is it and How Does it Work?

Fannie Mae HomeStyle Loan – What is it and How Does it Work?

Have you ever wanted to buy a fixer-upper that had great potential but was in terrible shape? Were you forced to pass it up because you didn’t have the cash to fix it up, and most mortgage programs wouldn’t approve a home in its current condition? Perhaps, you’ve...

How ARMs work

How ARMs work

An adjustable-rate mortgage has an interest rate that can change at predetermined intervals. These adjustable-rate mortgage products can vary in several ways including the amount the rate can increase or decrease at each adjustment, the frequency of rate adjustments,...

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