Affording a Home in 2015

When it comes to choosing a home in 2015, affordability is a critical factor. And for good reason, the ability to pay for a residence is extremely important to overall satisfaction. It's a good feeling to know you can get a cup of coffee or spring for life's little extras because you can comfortably pay for your home every month. Acting when interest rates are low and choosing a property in the right price range help you ensure you can easily afford your house payments.

Median rents today continue to rise. Even in moderately priced areas like Hampton Roads, rents are not leveling out to make them easily affordable. While housing in southeastern Virginia remains less pricey than many parts of the country, renters cannot count on current conditions to stay the same. As the economy improves, landlords can seize this opportunity to raise rents in any situation that is not rent-controlled. Unsuspecting renters are basically at the mercy of their landlords and in these changing times, who can afford that uncertainty?

Sometimes the media can paint homeownership in a bad light. But when you really sit down and compare how things measure up in buying versus renting, owning typically comes out way ahead- and that's just financially. When you select a standard mortgage program, owners will know how much they need to pay each month. Homeowners know that if surprises do occur (like repairs or replacements) then they are doing it for the betterment of their investment. And with all the mortgage programs out there, finding one with a down payment less than first month's rent plus security deposit is definitely feasible.

So which is more affordable in 2015- buying a home or renting? Everyone must answer this question for himself, but the signs point towards homeownership. Do a little digging and talk to a licensed real estate professional to learn how to affordably become a homeowner today!

Posted By

Categories: Home Buying

Cities: Virginia Beach Chesapeake Norfolk Williamsburg Newport News Hampton Suffolk Yorktown Richmond

Print Friendly and PDF

< Back to Blog index