We all know about the many benefits of home ownership. One of the top reasons to own is protect yourself from rising rents and lock in your housing expenses for the life of your mortgage, typically 30 years.
Don't become trapped!
Jonathan Smoke, Chief Economist at realtor.com, reported on what he calls a "Rental Affordability Crisis." He warns that,
"Low rental vacancies and lack of new rental construction are pushing up rents, and we expect that they'll outpace home appreciation in the year ahead."
In the Joint Center for Housing Studies at Harvard University's 2015 report on Rental Housing, they reported that 49% of rental households are cost-burdened, meaning they spend more than 30% of their income on housing. These households…