Renters are Finding it Easier to Buy a Home

Renters are Finding it Easier to Buy a Home

Today's blog compares the cost of renting vs. the cost of buying a home. Renters are finding it easier to buy a home in today's market. A client of mine who was renting just closed on her first home in Indianola. It was a foreclosure and needed some work, but she used an FHA 203(k) loan for financing, which allowed her have a contractor make the necessary repairs on the house before she moves in and all of it is included in the financing with no out of pocket expense. By the way, after the repairs are done, she will already have equity in the home.  

 

Some Highlights:

  • Historically, the choice between renting or buying a home has been a tough decision.
  • Looking at the percentage of income needed to rent a median-priced home today (29.2%) vs. the percentage needed to buy a median-priced home (15.8%), the choice becomes obvious.
  • Every market is different. Before you renew your lease again, find out if you can put your housing costs to work by buying this year!



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Jon Niemeyer is the Broker/Owner of EXIT Realty North Star, 1039 Sunset Dr Norwalk, IA 50211. We provide full service real estate services to the Des Moines, Iowa metro area. Learn more about Jon at JonNiemeyer.com.

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