Owning your Dream Home in Greenwood has many benefits, including the ability to protect yourself from rising rents and keeping a stable housing cost for the lifetime of your mortgage. Chief Economist at realtor.com, Jonathan Smoke reported that, "low rental vaccines and a lack of new rental construction are pushing up rents, and we expect that they'll outpace home price appreciation in the year ahead." Also, it was reported in the Joint Center for Housing Studies at Harvard University's 2015 Report on Rental Housing that 49% of rental households are cost-burdened. This means almost half of renters spend more than 30% of their income on housing and struggle to save for things such as food, healthcare, and other bills. Meanwhile, in more than 75% of the counties across the nation, it is actually cheaper to buy than to rent a home according to Smoke's article. To avoid getting caught in a financial trap that so many renters are already in during what Smoke refers to as a "Rental Affordability Crisis," it is important to know your options. As we mentioned before in a previous blog, buyers can save for as little as a 3% down payment in many areas of the country, and you may be in better shape to become a homeowner than you realize. If you are considering your options and would like more information on the current Greenwood Real Estate Market, please do not hesitate to visit our website or contact us personally at (864)341-7774 or lakegreenwoodproperty@gmail.com to discuss your next steps.
