Think it’s too expensive to own your own home? Think again! Recently Zillow came out with their newest affordability report and it shows that while “it’s getting harder for people to afford rents…paying a mortgage is still more affordable.”
According to the report, the average renter is seeing approximately 30% of their monthly income go towards rent. The situation is even worse for anyone renting in the Los Angeles, San Jose, and San Francisco areas. Renters in those cities are facing costs that eat up around 40% of their earnings each month—nearly half of their wages are wasted on rent!
Meanwhile, home owners across the country are only spending 15% of their monthly income on their mortgages. Plus, the monthly expense of a mortgage goes towards an asset that will build equity—it’s a sound investment to make at a fraction of what renting in the same area would cost.
Good News For Austin
While buying property may have been something you had no idea was achievable—it is now very achievable, especially here in Austin!
In the midst of the high rent trend, Austin is boasting one of the healthiest housing markets in the country. We’ve been watching our housing market steadily appreciate in value, which is great news for anyone looking to buy a new home.
So, are you ready to stop throwing money away on rent, start building equity, and make a sound investment? Then, Austin is the place to buy a new property. Austin is booming, so perhaps now is the time for you to take buy a home instead of renting one,
For anyone who isn’t sure if owning a home is within their reach, contact a Realtor® to discuss your options. Who knows, you might be able to purchase a home with similar—or possibly even lower—payments than your current rental costs.
And of course, we’re always here to help—contact us today.