It’s not surprising that one of the most sought after areas to live in is one of the nation’s highest in rent. In 2013 Cary, NC won numerous awards ranging from the Forbes list for Best Places for Business and Career while Raleigh, NC also is noted by Forbes as the #1 Best Places for Business and Careers, Best Place in Cost of Doing Business, Best Place for Job Growth and Best Place in Education. With all the great economic value of living in such an area comes the highest rent increase is also in the Raleigh Cary area to be one of the highest in the nation reports Triangle Business Journal.
The apartment rental rate average has increased 2.1 percent from last year. The area now ranks has 13th in the nation for the largest rent increase. Jay Denton, Axiometrics’ senior vice president reports, “Job growth continues to be strong, and new household formation is resulting in increased absorption of the new units, which gave landlords the leeway to increase rents during the third quarter.”
With the increase in rent and low mortgage rates and home prices remaining 13 percent below their 2006 peak nationally, now would be a great time to consider the purchase of a home. Why pay rent for a higher monthly cost when you can own a home and have something to call your own that is an investment of your future?
In an article written by Forbes, Buying a Home is Now 38% Cheaper Than Renting, it is reported that “Homeownership remains cheaper than renting nationally and in all of the 100 largest metro areas according to Trulia TRLA -2.01%’s latest Winter Rent vs. Buy report. Rising mortgage rates and home prices have narrowed the gap over the past year, though rates have recently dropped and price gains are slowing. Now, at a 30-year fixed rate of 4.5%, buying is 38% cheaper than renting nationally, versus being 44% cheaper one year ago.”
Since one of the nation’s highest rent increase is in the Raleigh Cary area purchasing a home would be an option to seriously consider. If you want to find out how much house you are approved for then give Phil a call at 919-422-6035 or you can pre-qualify online on his secure website. Have a question? Email Phil. Phil is an award winning mortgage banker who works closely with many realtors and homebuilders to offer you the best service possible.