Renting a XXX house used to be a popular choice over buying because it was cheap. Today, 1 out of 3 people pay rent for a 3-bedroom home that is more than 30% of their monthly median income, according to RealtyTrac. So why do people continue renting a XXX house instead of buying, you might ask?
Years of economic uncertainty have scared many potential buyers. With that, the demand for rentals has skyrocketed, while the cost to rent has done the same. With renting costs so high, people are left having to cut back spending on food, health care and retirement.
Renting a XXX House and Wondering if You're Paying Too Much?
It's recommended you allocate no more than 30% of your total household income towards renting a XXX house or apartment. If you're currently renting and curious as to the average other renters in your area are paying, take a look at RentOMeter.com. All you have to do is type in your address, how much you pay per month and the number of bedrooms. In a matter of seconds, you'll see what the average rent is within a certain distance from your home, based on the number of bedrooms. With that, you can better gauge how good (or bad) of a deal you're actually getting for what you're paying.
If you've already signed on the dotted line for your lease, there's not much you can do to get out of your lease. However, if you're just starting to look for a new home, use the RentOMeter website to get a better understanding of what typical rental costs are for renting a XXX house before you actually look at individual properties. You can try to use the figures as a bargaining piece and possibly lower the monthly payment.
While it has become increasingly more expensive to rent, you might consider buying a home. If you need help trying to decide if it's more feasible for you to continue renting a XXX house, or looking at possible ownership, contact us and we'll be happy to sit down with you and "run the numbers" for you to see which makes the most sense for your individual circumstances.
Visit our XXX Homebuyer Tips section of articles under our XXX Real Estate Categories to the right for tips on buying a XXX home.