In their report “The State of the Nation’s Housing 2016,” The Joint Center for Housing Studies (JCHS) of Harvard University mentioned that “…over 36 percent of US households [opted] to rent in 2015 – the largest share since the late 1960s. Indeed, the number of renters increased by 9 million over the past decade, the largest 10-year gain on record. Rental demand has risen across all age groups, income levels and household types…”
The Hispanic community is not excluded from the rise in rental demand. In fact, the percentage of Hispanic renters is even higher than the figure released by the JCHS. CityLab mentioned that “66.1 percent of Hispanics were renters,” and that “Hispanics experienced the largest rise [in rental demand] – an 8.7 percentage point increase (from 57.4 to 66.1 percent).”
Sometimes people tend to do the same thing over and over again because they don’t know any better! Well, this month, ATTOM Data Solutions released its “2017 Rental Affordability Report” which shows that buying a home is more affordable than renting in 66 percent of all U.S. housing markets that were analyzed for the report.
Maybe your county is one of the 354 out of 540 counties that were analyzed for the report. To find out, call your local real estate professional today and let him or her help you decide if it makes sense for you to stop renting so you can buy a home of your own instead!