Contact Us Now! Ask Us Anything
480-470-8505 Call Us Today

Will You Get Caught in the Rental Trap in 2019?

Dated: 12/12/2018

Views: 110

Every year around this time, we take time to reflect and plan for next year. If you are renting your current home but have dreams of homeownership, your plan for the new year may include buying, and you wouldn’t be alone!

When those same renters were asked why they disliked renting, 52% said that rising rental costs were their top reason, and 42% of renters believe that their rent will rise every year. The full results of the survey can be seen below:
Don't Get Caught in the Rental Trap in 2019 | MyKCM
It’s no wonder that rising rental costs came in as the top answer! The median asking rent price has risen steadily over the last 30 years, as you can see below!
Don't Get Caught in the Rental Trap in 2019 | MyKCM
There is a long-standing rule that a household should not spend more than 28% of its income on housing expenses. With nearly half of renters (48%) surveyed already spending more than that, and with their rents likely to rise again… why are they renting?

When asked why they haven’t purchased a home yet, not having enough saved for a down payment (44%) came in as the top response. The report went on to reveal that nearly half of all respondents believe that “a 20% down payment is required to buy a home.”

If the majority of those who believe they haven’t saved a large enough down payment believe that they need 20% down to buy, that means a large number of renters may be able to buy now!

Bottom Line

If you are one of the many renters who is fed up with rising rents but may be confused about what is required to buy in today’s market, let’s get together to help you on your path to homeownership.
Blog author image

Curtis Johnson

Curtis is a Best Selling Author, the Founder and CEO of The Curtis Johnson Team Powered By eXp Realty, where he runs a dynamic Real Estate Team having sold 5,000 residential homes. The Wall Street Jou....

Latest Blog Posts

This is Not 2008 All Over Again

Some are afraid the real estate market may be looking a lot like it did prior to the housing crash in 2008. One of the factors they’re pointing at is the availability of mortgage money. Recent

Read More

Buyer Demand Growing Everywhere

Buyers are out in full force this fall, increasing the demand for homebuying in all four regions of the country.According to the latest ShowingTime Showing Index,“Home showing activity

Read More

Homeownership Rates Remain on the Rise

In the third quarter of 2019, the U.S. homeownership rate rose again, signaling another strong indicator of the current housing market.The U.S. Census Bureau announced,“The

Read More

75 Years of VA Home Loan Benefits

Today, on Veterans Day, we salute those who have served our country in war or peace, and we thank them for their sacrifice.This year marks the 75th anniversary of VA Home Loan Benefit offerings

Read More