Renting Costs Soaring, Time to Buy a Home in Brunswick, Medina Ohio

According to Realtor.com, the cost of renting has just surged to its highest level in six years and those who have yet to buy a home remain stuck in the “renter’s trap.” It can be easy to get stuck in the flow and continue on your current path, but there are so many more benefits to owning a home than renting.

The first and perhaps most important benefit? The cost! The amount of your income spent on housing per month should not be in the 30% range as it is with the majority of renters in Brunswick, Medina, Strongsville, Valley City. If you’re preparing to buy your first home in Ohio—buyers between 23 and 34 years of age—that number should be right around 17% of your monthly income.

According to informative real estate website Keeping Current Matters, homebuyers can typically expect to pay around 15% of their income on their mortgage.

If that hasn’t pulled you off of the real estate fence just yet, consider this. Homeownership is now just over 30% more affordable than renting, while renting hovers around the -20% level. When you factor in building wealth, the overall costs and even tax benefits, homeownership still trumps renting no matter which way you look at it.

And now, 2015 is looking like a great year to become a homeowner! With the new 3% down mortgage programs from Fannie and Freddie, first-time homebuyers in Medina and Cuyahoga County will find it much easier to obtain a mortgage.

Contact BOLD Real Estate Consultants today with any questions you have about buying your first home in Medina, Valley City, Columbia Station, North Royalton, Brunswick, Hinckley or Strongsville. Now is the time to make a move!

Sajag Patel
BOLD Real Estate Consultants
440-879-7260

Contact Us
Visit Our Website
Search Our Properties

Tags: , , , , , , , , , ,

Leave a Reply

You must be logged in to post a comment.