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rent

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How to Save for a Home When All Your Money Is Going Toward Rent

It's no secret that rents are on the rise; it can certainly feel daunting to even think about purchasing a home when so much of your income goes to paying rent. Fear not! Realor.com, recently came out with a way to be able to start stockpiling and saving, even amidst growing rents.

Every little bit helps! Some of your everyday expenses add up; limiting some expenses that could be deemed 'frivolous' can easily be put towards saving. Other actions such as finding places to rent that don't have such limiting rental obligations are also essential!

Read the full story >> 

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RENTING VS. BUYING ACROSS U.S. MARKETS

According to a recent article in Business Insider, some markets favor millennials purchasing rather than renting. Based on general findings by Trulia, the article says that "buying is 36% cheaper than renting on a national basis, based on September home prices. That's the best differential since 2012 when it was 38% cheaper to buy than rent. Buying is also cheaper than renting in each of the nation's 100 largest metros." A study of millennials, however, yields a different outcome.

Key Findings:

  • "It's 23% cheaper for millennials to buy than rent in 98 out of the 100 largest metros."
  • "It's cheaper to rent in Honolulu and Silicon Valley."
  • "The South and Midwest housing markets are great for young buyers."
  • "Rising prices and rents in some markets spur big swings in the rent vs. buy math."

So where does Seattle stand? Well, according to the chart below, mortgage rates would have to rise by 1.35% in Seattle in order for renting to become cheaper than buying:

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Latest Housing Trend: Millennials Ditching Their Rents For Owning Property

While it may seem incomprehensible for the generation coming of age in the Great Recession to be purchasing homes, the rate at which rents are rising makes renting to be a less economical option for a growing number of millennials. 

While nationally the median age at which people are buying homes is rising, the situation is just the opposite here in Seattle. Despite the existence of student loan debt being the main hurdle for most millennials, many here in Seattle work in the tech industry, which allows them the ability to pay down debt quicker. Coupled with historically low interest rates on home loans and too high of rents, the ability for Seattle area millennials to purchase a home will only increase. 

Read more on Puget Sound Business Journal>>

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