A recent study by Harvard's Joint Center for Housing Studies has reported a rising price trend in rent - reporting prices that are approaching unaffordable in many markets.
According to the study, a huge number of homeowners left their underwater properties behind, due to the "The Great Recession", and are now renting homes and fighting rental prices. These families are now forced to cut essential spending in other areas to pay expensive rents.
Among the cuts: food, transportation, and retirement savings.
It's important to note that inflated rental prices do not affect all areas, but have a large impact on expensively-priced neighborhoods.
One great way to beat the rental market is simple: buy a home! Buying a home is still as affordable as renting, and the tax benefits alone could possibly make it even cheaper (check with your tax attorney).
Prices are low, rates are low, and it has never been a better time to buy. If you or someone you know is ready to buy or sell property, call today!
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