If you are single and looking for the right property, whether renting or buying, it is time to seriously consider purchasing a property. For the first time since 1976, 50.2 percent of people 16 and older are single as of last year, according to the Bureau of Labor Statistics.
Could this be why rents are rising so quickly? The Collingwood Group Chairman Tim Rood states that the percentage of renters who want to become homeowners has fallen over the past five years, rents are rising faster than wages in metropolitan areas, with people paying 35 percent more a month for rent than they otherwise would in a home they owned. Source: Mortgage Professional America (02/15)
It is easy to understand why the choice to purchase rather than rent is an easy one – just compare what you pay in rising rents to a mortgage.
If you are contemplating whether to rent versus buying, take a look at at this calculator from Realtor.com to do the math. Great calculator to reference is “Rent or Buy?”
Worried about cash for down payment? There are many lending programs that allow you to bring very little to the closing table. A great place to start is FHA Calulator.