? Every renter face an important decision each year: renew the current lease, start a new one, or buy a home. In the past year, both current renters and new renters have seen their rent go up (see graphs).
? The forecast is that rents will increase by 6.3% in the year ahead. That means, if you’re planning to rent again this year and you’ve not yet renewed your lease, you may pay more when you do.
? Homeownership Provides an Alternative to Rising Rents:
If you’re looking for more stability, it could be time to prioritize homeownership. One of the many benefits of owning your own home is it provides a stable monthly cost that you can lock in for the duration of your loan. As Freddie Mac says: “Steady payments allow you to budget wisely and make plans for the future.”??
If you’re thinking of renting this year, it’s important to keep in mind the true costs you’ll face. Let’s call ? Stephen Haw at (310) 503-9886 to see how you can begin your journey to homeownership today. DRE#00808646 Keller Williams Palos Verdes Realty
Call 310.503.9886 for professional guidance from The Stephen Haw Group, your local experts with international connections.