Homeowners are getting their “financial houses in order” but…
The good news is that over the last 10 years the number of people who have excessive amounts of their monthly budgets going towards their home has taken a dramatic drop. This is yet another sign of an ongoing healthy real estate market. Less encouraging is that the percentage of people who own a home compared to renting has taken a small dip, putting upward pressure on rental rates. In the DC region we continue to enjoy a nice 3%-4% sustainable house price growth with rental rate increases outstripping that. It’s really starting to get penal financially to be renting long term, especially in this region. You can read more about this by checking out this article. Give me a call to talk about how you can get into a home so you can get away from the increasing rents and start building wealth in your home. You may think it’s not possible but there is an expanding set of programs for entry level purchasers and I have an outstanding, creative team of mortgage professionals that I work with.
It’s a good life.