How Misunderstandings about Affordability Could Cost You
Channel: Darren Dowling - Best Realtor in Sarasota
Date: 2021-06-18

How Misunderstandings about Affordability Could Cost You

There are various measures of affordability to consider. However, very few of the indexes compare the affordability of owning a home to renting one. In a paper just published by the Urban Institute, Homeownership Is Affordable Housing, author Mike Loftin examines whether it’s more affordable to buy or rent. Here are some of the highlights of renting vs owning a home

1. Renters pay a higher percentage of their income toward their rental payment than homeowners pay toward their mortgage.

2. Renters don’t have extra money to invest in other assets.

3. Your mortgage payment remains relatively the same over time. Your rent keeps going up.

4. If you want to own a home and can afford it, waiting could cost you.

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