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John McClintock Team

Rising Rents Add Pressure to Buy

Many renters are making moves toward homeownership as quickly rising mortgage rates and rents have them feeling increased pressure.

Average monthly rents climbed more than 14% year over year in December 2021, reaching $1,877. Some larger cities have seen rents surge more than 30% over the past year.

Economists point to homeownership as a way to stave off inflation and build wealth, The Wall Street Journal reports. But higher rents are making it tougher to save for a down payment to buy a home.

Some renters may find a mortgage payment, with still historically low interest rates that are under 4%, may cost them about the same as or less than their increased rent costs.

National Association of Realtors, Realtor Magazine

Are you considering selling and/or purchasing a home across Bucks, Montgomery, Delaware, Mercer, Burlington or Phialdelphia? More than ever, you need expert, professional representation. Before you consider purchasing a home or list your home for sale, call The John McClintock Team at 267‑759‑9518 for no obligation recommendations on dealing with bids, realistic prices and precise timing.

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Information is deemed reliable but not guaranteed.