As the economy fluctuates, living expenses often follow suit. According to the Department of Labor via Marketwatch, rent price increases have been outpacing increases to the rest of the consumer price index for over 3 years now. What do rising rents mean for you?
Getting the most house for your money is tough if your money can’t get you out of a studio apartment! If that’s the case where you live, and if you’re exploring other options like relocation, do your homework before making the move — you might find that your new town isn’t much more affordable than the last one.
Where in the U.S. are rents the highest… and climbing? Check out this infographic to find out.
Ok, so rent is expensive. You might think buying a home would be even more expensive, and you’d be right about the upfront costs — but on a monthly basis, mortgages are frequently lower than rents. You may need to scrimp and even borrow to make the down payment, but this next infographic shows that it could be worth it in the long term.
In 2015, the great debate of rent vs. own came down to owning as the cheaper long-term option — that is, if you could muster up the down payment.
Do you rent or own? If you don’t own a house, would you like to someday? Let us know in the comments!