Historically, the choice between renting, or buying a home has been a tough decision. Consider the four tips below as you think about buying a home this year.
Tip #1– Interest Rates are still historically low and holding.
Tip #2– Almost 88% of rental property managers have raised their rent in the last 12 months.
Tip #3– The percentage of income needed to rent a median-priced home today is 29.2% vs. the percentage needed to buy a median-priced home of 15.8%.
Tip #4– Credit score requirements for mortgage approval continue to fall.
Remember, every housing market is different. Before you renew your lease again, find out if you can put your housing costs to work by buying this year! Visit hfamiami.com/homebuyers for more information.