Every year many people have to make a decision: Should I rent or it is time to buy my house?
Recently, RealtyTrac released its 2016 Rental Affordability Analysis. In this report, they revealed that buying is still more affordable than renting in 58% of the U.S housing markets and that the rise in rents is outpacing weekly wage growth in 57% of the markets.
How is this affecting the Hispanic community?
In a different report by Harvard University and Enterprise Community Partners, researchers found that “23% of the Hispanic families are most likely to have rent prices that cost the majority of their income”. And many experts believe this is going to get worse.
If you are a Hispanic who is renting and you are spending most of your income on your housing expenses, perhaps it is time for you to sit down with a real estate professional that can evaluate your circumstances and see If you can buy a house instead. As RealtyTrac’s report said, “Buying is still more affordable than renting in 58% of the markets in U.S.”