According to research by the National Association of Realtors (NAR), the rate of homeownership has fallen to its lowest level since 1965. Today in many areas, people are renting homes when they actually can afford to buy.
For most people, owning a home is their most secure and valuable investment. Homeownership is a way to save money each month without the pain. Rather than handing over the rent to an investor, a homeowner pays a mortgage. The mortgage is tax deductible and at the same time adds to their savings in the form of home equity. Home equity is considered wealth building by economists.
The NAR report has found that the North Port-Sarasota-Bradenton MSA (Metropolitan Statistical Area) is among the best areas in Florida for renters to buy. The report found that over 28% of renters can afford to buy a home in this MSA. Furthermore, historically low mortgage rates are adding to the affordability of homeownership.
If you are currently renting your home or know someone who is, please give us a call. We can help you analyze your budget and put you in touch with a mortgage company to get you pre-qualified for a mortgage. Your Suncoasteam (941-235-7474, email@example.com) will help you find the right home to live comfortably and build your wealth.