Remember the days when renting was cheaper than buying? While rental rates continue to soar, in many states across the country, home prices are starting to level off. According to CNN Money, home prices have declined 0.7% over the past 12 months, and the median rent for all types of homes was set at $1,350/mo in March. Several metro areas are raising their rents into the double digits across the nation. For example, in Sarasota, FL the average rent rose 12.9% year-over-year, making it the largest jump out of the 100 largest metro areas according to real estate site, Trulia.
Metro neighborhoods where prices skyrocketed were able to do so because of a few similar factors, including a rising demand for a limited supply of rental units. The overall national vacancy rate for apartment complexes, fell 0.3% during the first quarter, dropping to it’s lowest rate since 2001. In contrast, the cost of buying a home has decreased in several areas over the past 12 months, and mortgage rates are at an all-time low. If you’re looking to buy in the Seattle area, here is a list of exceptional homes in the area. Many are still skeptical of the optimistic outlook, because there is a high percentage of Americans who aren’t able to look into buying a home at this time, due to unemployment, low credit scores, etc and rental rates could continue to climb because of this factor. For an extended article, please visit CNN Money