When deciding if you want to rent or buy a home one of the things you look at is housing affordability in your area. Recently Harvard University created an interactive map of housing affordability. To view the map of housing affordability just click this link. The map allows you to view housing affordability in your market and it tells the tale of two markets:
- All Households: the first tab shows you housing affordability for all the households in that market. By this measure, it seems like houses are affordable for the majority of households.
- Renters: the second tab shows you housing affordability for people who are currently renting their homes. For a large segment of this market, it seems like houses are not affordable. But the numbers don’t always tell the full story. For example, rents are also unaffordable for a large segment of the rental market. That’s why many people who rent split their costs with one or more roommates. In those cases, it may make more financial sense for the roommates to pool their resources and buy the home outright. This way, they may all be able to build some equity if house prices continue to move higher. Of course, there are some extra issues to consider with this strategy, such as if one of the roommates wants to move out before the others. In any case, it may be worth considering if you or someone you know is in this situation.
There are so many options today and if you don’t find the home you want you can just build it for as little as 3.5% to 5% down and close on a home construction loan using a one-time close loan.
Please contact us for more information or to explore your financing options!
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