Better Off Buying

This won’t come as much of surprise but a new study by RealtyTrac’s Residential Rental Property Analysis reports that many renters would be better off buying a home than paying exorbitant rental costs in over 75 percent of all U.S. counties. The study indicates that fair market rents accounts for 28 percent of the median household income while monthly house payments – including a 10 percent down payment, property taxes, home and mortgage insurance – represents 24 percent 0f the median income.

Of course, actually saving for a down payment is often precisely the problem, made worse by the sky-high rental prices, which, then, often leads to the creative living situations as we’ve discussed previously.

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