This time of year people often ask themselves if they should buy a home now. But few people ever ask if the beginning of the year is a good time to rent. Nevertheless, we want to make certain that everyone understands that today is NOT a good time to rent.
The United States Census Bureau recently released their 2017 fourth quarter median rent numbers. Below is a graph showing rent increases from 1988 until today (30 years):
It is clear from the chart, rents have and will steadily increase and are showing no signs of slowing down. If you are faced with making the decision of whether or not you should renew your lease, you might be pleasantly surprised at your ability to buy a home of your own instead.
One way to protect yourself from rising rents is to lock in your housing expense by buying a home. If you are ready and willing to buy, visit our website at www.hfamiami.com/homebuyers and get more information about our mortgage program for first time home buyers in Miami-Dade County. We offer both down payment assistance and an online education course just for first time buyers like you.