Thanks to a recent study we know that more than 70% of Americans now consider renting a home to be more affordable than buying a home.
The recent data from Freddie Mac found that close to 80% of Americans would prefer to rent instead of buy, this is up sharply from close to 67% of Americans who felt that renting was more affordable than buying a home just a short six months ago.
What’s even more shocking is that close to 58% of Renters have said that they have no plans to buy a home within the near future. This is up from 54 percent of renters who are surveyed over the same period.
What’s Happening with The Real Estate Market?
Among the usual suspects: Mortgage rates are up to nearly 5 percent, the highest they’ve been in seven years. The new rate is one percentage point higher than the beginning of the year. Rates are being pushed up by recent hikes in the Federal Reserve’s benchmark interest rate.
But it doesn’t mean renting is necessarily affordable.
Freddie Mac’s survey found that two-thirds of renters say they have had trouble paying their monthly bill in the last two years. Almost 9 out of 10 renters with occupations in what Freddie Mac considers “essential” fields — including healthcare and education — say they have had trouble cutting their landlords checks.
More Opportunity for You
On an encouraging note, the obvious benefit that can be gleaned from this article is the fact that with more people viewing renting as being more affordable and favorable than buying, this means more opportunities for people who own rental property.
The key to success though with owning rental property in Houston or else was across the United States is not having to do all the work yourself. Once you own a property you should hire a property management company to manage that rental property for you.
This will save you the time and hassle of having to do things like rent collection, maintenance and communicating with tenants so that you could focus on growing your portfolio of rental properties while living your normal life.
To learn more about the Property Management contact us today (832) 971-1841 or click here to connect with us online.