Shorewest Reports: America’s Rental Crisis — Invest in a Home Now

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Why Buy Now - Rent

Shaun Donovan, Secretary of Housing & Urban Development, recently stated, “We are in the midst of the worst rental affordability crisis that this country has known.” The numbers don’t lie — rent has climbed astronomically over the last decade. About half of renters spend more than 30% of their income on rent, up from 18% a decade ago, and 27% of renters are paying more than half of their income on rent.

 Why buy Now - Rent 2

The statistic illustrated above shows the startling difference in net worth between homeowenrs and renters. Homeowners’ average net worth is $174,500, while renters average only $5,100. This means the average homerowner’s net worth is over 30 times greater than a renter. If you know a renter who is considering buying, the time is now. With mortgage rates and prices increasing for 2014, homes are more affordable now than they will be in the future.

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Categories: Home Buying

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