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Rents Are on The Rise: Don't Get Caught in The Rental Trap

Rents Are on The Rise: Don’t Get Caught in The Rental Trap

There are many benefits to homeownership, but one of the top benefits is protecting yourself from rising rents by locking in your housing cost for the life of your mortgage.

 

Rents Are on The Rise: Don't Get Caught in The Rental Trap

 

Don’t Become Trapped

A recent article by Apartment List addressed rising rents by stating:

“Our national rent index is up 0.1 percent month-over-month, marking the sixth straight month of increasing rents. Year-over-year growth now stands at 1.2 percent.”

 

The article continues, explaining that:

“Rents increased month-over-month in 62 of the nation’s 100 largest cities, down significantly from the 85 cities that saw rents rise last month. That said, rents are still up year-over-year in most of the nation’s largest markets — 77 of the 100 largest cities have seen rents increase over the past twelve months.”

 

Additionally, Urban Land Magazine explained that,

 

“Currently, nearly half (47 percent) of renter households are cost burdened (i.e., paying more than 30 percent of income for housing), while 25 percent (totaling 11 million households) are severely cost burdened, paying over 50 percent of their total household income for rent.”

 

These households struggle to save for a rainy day and pay other bills, including groceries and healthcare.

 

It’s Cheaper to Buy Than Rent

As we have previously mentioned, the results of the latest Rent vs. Buy Report from Trulia show that homeownership remains cheaper than renting with a traditional 30-year fixed rate mortgage in the 100 largest metro areas in the United States.

The updated numbers show that the range is an average of 2% less expensive in Honolulu (HI), all the way up to 48.9% less expensive in Detroit (MI), and 26.3% nationwide!

 

Know Your Options

Perhaps you have already saved enough to buy your first home. A nationwide survey of about 1,166 renters found that 34% said they rent because they cannot afford to buy, 29% said they cannot afford to buy where they live, and nearly a quarter (24%) were saving to buy.

Many first-time homebuyers who believe that they need a large down payment may be holding themselves back from their dream homes. As we have reported before, in many areas of the country, a first-time homebuyer can save for a 3% down payment in less than two years. You may have already saved enough!

 

Bottom Line

Don’t get caught in the trap that so many renters are currently in. If you are ready and willing to buy a home, find out if you are able. Get together with a Help-U-Sell Real Estate professional to determine if you can qualify for a mortgage today!

 


RELATED TOPICS

Move Up To Your Dream Home

If you are thinking about moving up to your dream home, waiting until later this year and hoping for prices to fall may not be a good strategy.

According to Freddie Mac’s Primary Mortgage Market Survey, interest rates for a 30-year fixed rate mortgage have increased by half of a percentage point, to around 4.5%, in 2018. This is still significantly lower than recent history.
The interest rate you secure when buying a home not only greatly impacts your monthly housing costs, but also impacts your purchasing power.

Read More About Move Up To Your Dream Home


Interest Rate and Mortgage Payment

The interest rate you pay on your home mortgage has a direct impact on your monthly payment.

The higher the interest rate, the greater the mortgage payment will be. That is why it is important to know where rates are headed when deciding to start your home search.

Read More About Interest Rate and Mortgage Payment


Interest Rates

The Cost of Waiting: Interest Rates Edition

The Cost of Waiting to Buy is defined as the additional funds it would take to buy a home if prices & interest rates were to increase over a period of time.

Read More About Interest Rates


The Great News About Rising Home Prices

Recently there has been a lot of talk about home prices and if they are accelerating too quickly.

In some areas of the country, seller supply (homes for sale) cannot keep up with the number of buyers out looking for a home, which has caused prices to rise.

The great news about rising prices, however, is that according to CoreLogic’s latest US Economic Outlook, the average American household gained over $15,000 in equity over the course of the last year, largely due to home value increases.

Read More About The Great News About Rising Home Prices


Starter Home Market

For many Americans, buying their first home is their first taste of achieving part of the American Dream. There is a sense of pride that comes along with owning your own home and building your family’s wealth through your monthly mortgage payment.
It may seem hard to imagine that the first home you purchased (which made your dreams come true) might not be the home that will allow you to achieve the rest of your dreams. The good news is that it’s ok to admit that your home no longer fits your needs!

Read More About Starter Home Market


 

Search Homes For Sale in Sylmar, Pacoima, and Arleta area

We also have a complete Multiple Listing Service (MLS) of residential homes for sale in Lake Balboa, Reseda, Mission Hills, North Hills, North Hollywood, Panorama City, San Fernando, Sun Valley, Van Nuys, Castaic, Valencia, Canyon Country, Newhall, Stevenson Ranch, Santa Clarita,  or any other Los Angeles, San Fernando Valley or Santa Clarita Valley Real Estate.

 

Map
  • Property listings 1 - 18 of 212
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$699,000 - 3Br/2Ba -  for Sale in Sylmar
$699,000
Open House
New
MLS# 19436522

13022 Dronfield Avenue
Sylmar, CA 91342

Property Type: Single Family Residence
Active
3 Beds
2 Baths
2,100 Sqft
$449,000 - 3Br/1Ba -  for Sale in Pacoima
$449,000
New
MLS# SB19037366

10773 Haddon Avenue
Pacoima, CA 91331

Property Type: Single Family Residence
Active
3 Beds
1 Bath
975 Sqft
$359,800 - 3Br/3Ba -  for Sale in Sylmar
$359,800
Open House
New
MLS# SR19038957

14200 Foothill Boulevard Unit 23
Sylmar, CA 91342

Property Type: Townhouse
Active
3 Beds
3 Baths
1,355 Sqft
$549,999 - 4Br/2Ba -  for Sale in Sylmar
$549,999
Open House
New
MLS# SR19040168

12178 Buckeye Avenue
Sylmar, CA 91342

Property Type: Single Family Residence
Active
4 Beds
2 Baths
1,406 Sqft
$498,000 - 2Br/2Ba -  for Sale in Pacoima
$498,000
New
MLS# SR19032315

11545 Dronfield Avenue
Pacoima, CA 91331

Property Type: Single Family Residence
Active
2 Beds
2 Baths
1,116 Sqft
$120,000 - 3Br/2Ba -  for Sale in Sylmar
$120,000
New
MLS# SR19038831

13691 Gavina Avenue Unit 497
Sylmar, CA 91342

Property Type: Manufacture 433
Active
3 Beds
2 Baths
1,551 Sqft
$299,999 - 2Br/1Ba -  for Sale in Sylmar
$299,999
New
MLS# SR19038840

13100 Bromont Avenue Unit 40
Sylmar, CA 91342

Property Type: Condominium
Active
2 Beds
1 Bath
864 Sqft
$525,000 - 3Br/2Ba -  for Sale in Arleta
$525,000
New
MLS# SR19039321

9212 Vena Avenue
Arleta, CA 91331

Property Type: Single Family Residence
Active
3 Beds
2 Baths
1,288 Sqft
$725,000 - 4Br/4Ba -  for Sale in Lakeview Terrace
$725,000
New
MLS# SR19038116

10454 Jimenez Street
Lakeview Terrace, CA 91342

Property Type: Single Family Residence
Active
4 Beds
4 Baths
2,547 Sqft
$650,000 - 4Br/2Ba -  for Sale in Sylmar
$650,000
New
MLS# SR19037583

13851 Almetz Street
Sylmar, CA 91342

Property Type: Single Family Residence
Active
4 Beds
2 Baths
2,018 Sqft
$699,000 - 3Br/2Ba -  for Sale in Not Applicable-673 (na673), Lakeview Terrace
$699,000
Open House
New
MLS# 319000640

11528 Camaloa Avenue
Lakeview Terrace, CA 91342

Property Type: Single Family Residence
Active
3 Beds
2 Baths
1,742 Sqft
$390,000 - 3Br/3Ba -  for Sale in Sylmar
$390,000
Open House
New
MLS# SR19036778

13522 Glenoaks Boulevard Unit 12
Sylmar, CA 91342

Property Type: Condominium
Active
3 Beds
3 Baths
1,273 Sqft
$455,000 - 2Br/2Ba -  for Sale in Lakeview Terrace
$455,000
New
MLS# SR19036471

11667 Luanda Street
Lakeview Terrace, CA 91342

Property Type: Single Family Residence
Active
2 Beds
2 Baths
961 Sqft
$925,000 - 4Br/3Ba -  for Sale in Sylmar
$925,000
New
MLS# SR19036078

12946 Hagar Street
Sylmar, CA 91342

Property Type: Single Family Residence
Active
4 Beds
3 Baths
2,358 Sqft
$514,900 - 4Br/3Ba -  for Sale in Sylmar
$514,900
Open House
New
MLS# SR19035113

14840 W Castille Way
Sylmar, CA 91342

Property Type: Single Family Residence
Active
4 Beds
3 Baths
1,489 Sqft
$400,000 - 3Br/2Ba -  for Sale in Sylmar
$400,000
New
MLS# SB19035697

13706 Kagel Canyon Road
Sylmar, CA 91342

Property Type: Duplex
Active
3 Beds
2 Baths
1,882 Sqft
$499,950 - 3Br/1Ba -  for Sale in Sylmar
$499,950
New
MLS# SR19035899

13990 Herron Street
Sylmar, CA 91342

Property Type: Single Family Residence
Active
3 Beds
1 Bath
1,383 Sqft
$520,000 - 3Br/3Ba -  for Sale in Other - Othr, Sylmar
$520,000
New
MLS# 819000673

13247 Parkland Circle
Sylmar, CA 91342

Property Type: Single Family Residence
Active
3 Beds
3 Baths
1,218 Sqft
  • Property listings 1 - 18 of 212
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Homes Sold in the Arleta, Pacoima, and Sylmar area in the last 90 days

 

Advanced Options

 


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With the Help-U-Sell Real Estate company concept, you could save thousands of dollars when you sell your home.

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CONTINUE READING

Home Buyers Mistakes

Reasons to Buy a Home

Home Value Comparative Market Analysis

Buyer Demand Outpace Inventory of Homes For Sale

Lack of Listings Slowing Down the Market

 


TEMAS RELACIONADOS

El impacto del inventario en el precio de las casas

Razones Para Vender Su Casa Este Verano

Razones Para Comprar Su Casa

No espere para comprar una casa más grande

5 Razones Para Comprar o Vender su Casa con un Agente de Help-U-Sell 

 

 

 

Mercedes Varela

Contact Information

6748 Balboa Blvd.
Van Nuys, CA 91406
Office: (818) 997-1000
southlandrealty@helpusell.com
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© 2019 Help-U-Sell Southland Realty. CA DRE #01105356 All Rights Reserved. Real Estate Website Design by Home Junction, Inc.

Information herein is deemed reliable but not guaranteed and is provided exclusively for consumers personal, non-commercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.

Copyright © 2019 California Regional MLS. All Rights Reserved.

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