Getting your first place on your own is one of the most exciting times in a young person’s life. Many of us remember moving out on our own for the first time. We all can remember the sticker shock many of us encountered and realized that it is not as easy as we first thought. Well getting that first place may have just gotten harder for first time renters.
Those who are looking to rent, will see rising rents at a much higher rate compared to other parts of the country. Rents in the U.S are rising an average of 3.9% per year, nearly twice the inflation rate. On average according to an online Investment Analysis site Nerd Wallet, rents prices are surpassing $1,000 a month. The Lone Star State has three cities in the top 5 of the fastest growing rents, with El Paso being at number two.
The rise in rents here in the El Paso area is largely due to the economy boost from Fort Bliss. Since 2009, El Paso has seen an increase of 33.5% which puts us ahead of some of the major cities such as New York City, San Francisco, Washington, DC just to name a few.
At a time when homeownership is at an 18 year low and rents are rising, it has become ever more important that consumers know their options financially and recognize the economic trends. But as a renter, many are at the mercy of both the market and inventory availability.
With mortgage rates still low, the opportunity to buy a home is now. This may be the best time to become a homeowner. So if you are tired of renting, give me a call and I can help get you into a new home.
Published on 2014-04-09 15:19:04
