Are you tired of renting? Is 2019 finally the year you’ll stop renting, buy your Charlotte area home and stop paying your landlord’s mortgage instead of your own? Is it time to consider how much less expensive it might be to buy versus renting when you see how much of your income goes to rent versus how much goes to paying a mortgage? Will your income go up as quickly as rents might increase? Will it cost you more to buy if you wait another year?
Reasons To Buy A Home And Stop Renting In 2019
And then there are the other benefits of owning a home — such as building net worth for your family (the net worth of a home owner is 44x that of a renter). Then there’s the fact that a mortgagelocks in your monthly housing cost for decades. No doubt that every market is different, but before you renew your lease, find out if you can put your housing costs to work by buying this year!
Rental Outlook In Charlotte, NC Region
What’s the rental outlook in Charlotte, North Carolina region right now? As the chart below shows, the cost of renting in January 2019 increased 5.4% versus the same period one year ago. We saw rent increases throughout 2018 and it would seem the trend will continue in 2019.
It’s also worth pointing out that the recent tax valuation of commercial properties in Charlotte/Mecklenburg County increased tax values significantly. You can expect landlords to pass on those tax increases to tenants at some point…. another good reason to fix your monthly housing expense with a mortgage.
Part of the cause of increasing rental prices stems from a lack of rental inventory in high-demand areas. For the Charlotte region the number of active rentals was down 37.3% versus the same period one year ago. In Mecklenburg County, rental inventory was down 34.2% year-over-year. In the City of Charlotte, rental inventory was down 31.3% year-over-year.
Are renters are seeing income increases at levels sufficient to cover off the increasing cost of housing month after month? It’s doubtful.
Will It Cost More To Wait To Buy A Home?
Will waiting to buy also cost more as time goes on? Yes, it will. The chart below clearly shows just how much with increasing home prices and interest rates.
Infographic: Should I Buy A Home Now Or Wait Until Next Year?
So is it time to buy your Charlotte metro area home and stop renting? It would appear the answer to this question is a definite YES!
If you’re a Charlotte area renter who wants to stop paying your landlord’s mortgage and lock in your housing costs, build wealth, and become a homeowner, you can: