With the rising rents nationwide, does it make sense to buy? It depends on a long range plan. Because buying a home for the majority of people is a longer term commitment. With rapidly rising rental rates these days, It would be good to take a hard look at buying and investing some of that income in property to build some equity. Properties have, for the most part been a good place to invest. One should not primarily look at a home as an investment, but rather, the place where you live. Homes started to be looked at as investments in the early 1990’s when in cycles of large property value increases created speculation, which farther exasterbated market conditions.

Today with similar conditions, many are curious how much more their homes are worth in a short amount of time. Click on this link: Rental Housing Affordability Crisis  for a recent nationwide study which shows the amount of hours someone has to work per month to pay the rent. Many have a preconceived notion they can’t afford to buy a home because of some limiting factor in their minds. Many might be suprised after speaking with a good lender, that they might not be as far away from home ownership as they first thought.