The benefits of owning a home are fairly forthcoming. But one of the great reasons to own a home is to protect yourself from rising rental costs. It’s a situation that can lead to you being trapped.

A recent article by Apartment List addressed rising rents by stating:

“Rents are up 2.7% year-over-year at the national level. Year-over-year growth continues to fall between the 2.1% rate from this time last year and the 3.4% growth rate from October 2015. Despite the seasonal slowdown, rents are still up year-over-year in 89 of the 100 Largest cities. Over a quarter of renters, or 11.1 million households, are severely cost burdened, spending at least half their income on rental housing.”

These households are struggling just to save for paying bills along with basic necessities.

Trulia released a report that shows that owning a home is actually cheaper than renting if you have a 30-year fixed rate mortgage.

A national survey revealed that about 80% of millennial renters plan to eventually buy a house, but 72% cite affordability as their primary obstacle. One third of renters are concerned about their credit scores, while 53% said that a down payment is an obstacle.

So don’t get caught in the rental trap.  Contact us today to see if owning a home is a possibility for you and your family.  You may be surprised at the results!