Part of shopping for a house to buy is calculating whether or not you'll be able to comfortably afford the monthly mortgage payment. Nobody wants to buy a house that causes them financial stress. So
Rent Increases At Fastest Pace In 10 Months
Dated: March 18 2019
For many Americans hoping to make a move, the decision to rent or buy comes down to affordability. It isn't the only factor, of course. Depending on your job and lifestyle, there may be other reasons to prefer renting over homeownership. But there's no question money is a top concern when making decisions about your next move. So, what does the latest data on rental costs say? Well, according to one recent report, February saw rent increasing at its fastest pace in 10 months. Following the increase, median rent nationwide is now up to $1,472 per month. That means, calculating what's most affordable may not be so clear cut. After all, the average monthly mortgage payment is just $1,030. But while rental prices have been going up over the past several years, there's evidence that they may soon hit their peak. With millennials reaching the age of the typical first-time home buyer, demand is expected to decline over the coming years. As more renters become homeowners, it will likely have a slowing effect on future increases. More here.
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Determining when it's a good time to for you to buy a house means thinking about things like market conditions, your life goals, job security, and personal finances. That's why Fannie Mae's monthly