Last week I highlighted a problem with th
Zillow released a report showing that median rent prices increased by just 4.5 percent from a year ago. While this may seem like a steep increase, it actually marks a steady deceleration from increases of 5.3 percent in September and 6.2 percent in August.
This drop in rent prices represents a strong argument for buying rather than renting. Just for context, Zillow reported the nationwide median rental price was $1382 per month in October — at 3.75% on a 30 year loan a potential homeowner could service almost a $300,000 mortgage for $1382 per month.
With the Federal Reserve inching closer and closer to raising interest rates and the National Association of Realtors predicting increases in home prices over the next twelve months, it is clear that now is the time to make the jump from renting to owning.