Buying A Home in Brooklyn, NY. Buying A Home Is More Affordable Than Renting In 54% Of US Counties.
Considering buying your first home in Queens, Brooklyn, Long Island, NY?
Particulaly in and around Brooklyn 11208 zip code, before you unlock the way to homeownership, you have to take some important first steps. From finding the perfect location to getting finance to your purchase, shopping for your first home has more obstacles that exceed curb appeal and interior features.
For the report, ATTOM Data Solutions compared recently released fair market rent data from the Department of Housing and Urban Development with reported income amounts from the Department of Labor and Statistics to determine the percentage of income that a family would have to spend on their monthly housing cost (rent or mortgage payments).
Daren Blomquist, Senior Vice President of ATTOM Data Solutions had this to say:
“Although buying is still more affordable than renting in the majority of U.S. housing markets, the majority is shrinking as home price appreciation continues to outpace rental growth in most areas.”
However, the report also shows that the average fair market rent rose faster than average weekly wages in 60% of the counties analyzed in the report (266 of 447 counties). With rents rising, many renters should consider buying a home soon.
Bottom Line
Rents will continue to rise, and mortgage interest rates are still at historic lows. Before you sign or renew your next lease, let’s get together to help you determine if you are able to buy a home of your own and lock in your monthly housing expense.
Source... KCM RossMery Blog http://nyhomesforsale.blog/
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