Buying a Home - Magazine - Page 3
Buying a Home This Fall
As the weather begins to cool, the real estate market will remain red-hot.
Here’s a dive into some of the biggest wins for homebuyers this fall.
According to the National Association of
Realtors (NAR), the latest data on homes
closed shows the median monthly mortgage
payment is $1,255. By contrast, the median
national rent is $1,607 according to the most
current data provided by realtor.com (see
graph below). That’s a difference of $352
dollars each month.
1. More Homes Are Coming
to the Market
Earlier this year, the number of homes
available for sale fell to an all-time low. In
recent months, however, housing supply has
started to trend up. This is good news for
buyers who crave more options. Odeta
Kushi, Deputy Chief Economist at First
American, says:
If you’re a renter, it may be time to consider
purchasing a home so you can lock in your
housing expenses for the life of your loan
and avoid future increases.
“It looks like existing inventory is
starting to inch up, which is good
news for a housing market parched
for more supply.”
Median Monthly Rental Prices
2. Buying Is More Affordable
than Renting
$1,802
$1,607
$1,315
According to data from realtor.com,
median rental prices just reached their
highest point ever recorded. Let’s compare
today’s median mortgage payment to the
median rent.
$1,495
Median
Monthly
Mortgage:
$1,255
Overall
Studio
1 Bedroom 2 Bedrooms
realtor.com, NAR
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