This article was contributed by financial expert and blogger Lauren Bowling, a recognized thought leader in the millennial finance space. A full-time online business owner, Bowling teaches others
Home Rental Costs To Go Up In 2016
Rental costs are skyrocketing, and the costs are likely to only go up in the new year. More than 85 percent of the nation’s markets have rents that exceed 30 percent of the income of renting households. “Rents are accelerating at a more rapid pace than home prices, which are moderating,” Smoke says. “Because of this, it is more affordable to buy in more than three-quarters of the U.S. However, for the majority of renting households, buying is not a near-term option due to poor household credit scores, limited savings, and lack of document-able stable income of the kind necessary to qualify for a mortgage today.”
Source: “The 5 Real Estate Trends That Will Shape 2016,” realtor.com® (Dec. 16, 2015)
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