New Data Released Proves that Buying A Charlotte NC Home IS 54% Cheaper than Renting
A recent study on renting a home vs. buying a home reveals just what the Charlotte market has been suggesting for months based upon the costs associated with both, over a 7-year period. Understandably, one of the most important decisions that some consumers face is whether to rent or buy. If you’re a first-time home buyer or relocating to the area, consider this…
Charlotte home prices have definitely begun to recover, rising by 2.5% year over year in August; however, our tenants have seen nearly a 5% increase in rental rates. With historically low mortgage rates, near-bottom housing prices and taking into consideration the steady rise in rental rates, buying a home in Charlotte is now 54% cheaper than renting. With an average savings of $797 per month, it just makes far more economic sense to buy a home in Charlotte rather than renting one. In fact, if your tenure is 7 years in a home, which is the average in the US, buying a home is more affordable than renting in all of the major metro markets in the nation!
Qualifying is key to obtaining the best mortgage rates possible. If you do, now could very well be a fantastic opportunity for you to buy a Charlotte home. We work with lenders who are up-front and honest with you regarding your ability to purchase a home. If your credit does not qualify you for a low mortgage rate, they will tell you that you may want to wait until your credit score improves to maximize your savings.
Putting a hefty amount down on a home can work for your and it can also work against you. If you do put the ‘typical’ 20% down on a home, depleting all of your cash-on-hand, that may not be the smartest choice if you are qualifying with two incomes. If you’re qualifying with one income, you may opt to put a higher amount down to begin building equity in your home. Again, a qualified lender will be able to give you the available programs and options that are specific to YOUR needs. Let us know if you would like a list of our trusted lender contacts who will lay out your options in an easy-to-understand manner.
And, give us a call when you’re ready to buy that Charlotte home!
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© Debe Maxwell | The Maxwell House Group Real Estate | Buying A Charlotte NC Home Is 54% Cheaper than Renting