[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"$f3lr0mjr00kpok":3,"$ffeh0925h8cuz":37,"$fbwk2pqjjqsc7":41},{"item":4,"previous":27,"next":32},{"id":5,"slug":6,"title":7,"description":8,"excerpt":9,"contentType":10,"featuredImage":11,"bannerImage":9,"body":12,"agentsBottomLine":13,"bodyImage":14,"isInfographic":15,"categories":16,"isVideo":15,"videoThumbnail":9,"videoSource":9,"publishedAt":25,"updatedAt":26},116,"dont-get-caught-in-the-renters-trap","Don’t Get Caught in the ‘Renter’s Trap’","In a recent press release, Zillow stated that the affordability of the nation’s rental inventory is currently much worse than affordability of the country’s home sale inventory. The release revealed two things:Nationally, renters signing a lease at t...","","blog","https:\u002F\u002F\u002F","\u003Cp>\u003Cimg class=\"alignnone size-full wp-image-33140\" src=\"https:\u002F\u002Fwww.keepingcurrentmatters.com\u002Fwp-content\u002Fuploads\u002F2014\u002F08\u002F8.27-Visual.jpg\" alt=\"Don’t Get Caught in the ‘Renter’s Trap’ | Keeping Current Matters\" width=\"600\" height=\"315\" \u002F>\u003C\u002Fp>\u003Cp>In a recent \u003Ca href=\"http:\u002F\u002Fzillow.mediaroom.com\u002Findex.php?s=28775&item=137083\">press release\u003C\u002Fa>, \u003Cem>Zillow\u003C\u002Fem> stated that the affordability of the nation’s rental inventory is currently much worse than affordability of the country’s home sale inventory. The release revealed two things:\u003C\u002Fp>\u003Col>\u003Cli>Nationally, renters signing a lease at the end of the second quarter paid 29.5% of their income to rent\u003C\u002Fli>\u003Cli>U.S. home buyers at the end of the second quarter could expect to pay 15.3% of their incomes to a mortgage on the typical home\u003C\u002Fli>\u003C\u002Fol>\u003Cp>Furthermore, renters pay more than the average of 24.9% that was paid in the pre-bubble period while buyers actually pay far less than the 22.1% share homeowners devoted to mortgages in the pre-bubble days.\u003C\u002Fp>\u003Ch3>\u003Cstrong>Don’t Become Trapped\u003C\u002Fstrong>\u003C\u002Fh3>\u003Cp>If you are currently renting you could get caught up in a cycle where increasing rents continue to make it impossible for you to save for a necessary down payment. \u003Cem>Zillow\u003C\u002Fem> Chief Economist Dr. Stan Humphries explains:\u003C\u002Fp>\u003Cblockquote>\u003Cp>\u003Cem>\"The affordability of for-sale homes remains strong, which is encouraging for those buyers that can save for a down payment and capitalize on low mortgage interest rates…As rents keep rising, along with interest rates and home values, saving for a down payment and attaining homeownership becomes that much more difficult for millions of current renters.”\u003C\u002Fem>\u003C\u002Fp>\u003C\u002Fblockquote>\u003Ch3>\u003Cstrong>Know Your Options\u003C\u002Fstrong>\u003C\u002Fh3>\u003Cp>Perhaps you already have saved enough to buy your first home. \u003Cem>HousingWire\u003C\u002Fem> \u003Ca href=\"http:\u002F\u002Fwww.housingwire.com\u002Fblogs\u002F1-rewired\u002Fpost\u002F30441-nomura-fear-is-keeping-demand-pent-up\">recently reported\u003C\u002Fa> that analysts at \u003Cem>Nomura\u003C\u002Fem> believe:\u003C\u002Fp>\u003Cblockquote>\u003Cp>\u003Cem>“It’s not that Millennials and other potential homebuyers aren’t qualified in terms of their credit scores or in how much they have saved for their down payment. \u003C\u002Fem>\u003C\u002Fp>\u003Cp>\u003Cem>It’s that \u003Cstrong>they think\u003C\u002Fstrong> they’re not qualified or \u003Cstrong>they think\u003C\u002Fstrong> that they don’t have a big enough down payment.”\u003C\u002Fem> (emphasis added)\u003C\u002Fp>\u003C\u002Fblockquote>\u003Cp>\u003Cem>Freddie Mac\u003C\u002Fem> came out with \u003Ca href=\"http:\u002F\u002Fwww.freddiemac.com\u002Fnews\u002Fblog\u002Fchristina_boyle\u002F20140616_mortgage_down_payments.html\">comments\u003C\u002Fa> on this exact issue:\u003C\u002Fp>\u003Col>\u003Cli>A person “can get a conforming, conventional mortgage with a down payment of as little as 5 percent (sometimes with as little as 3 percent coming out of their own pockets)”.\u003C\u002Fli>\u003Cli>Freddie Mac's purchase of mortgages with down payments under 10 percent more than quadrupled between 2009 and 2013.\u003C\u002Fli>\u003Cli>More than one in five borrowers who took out conforming, conventional mortgages in 2014 put down 10 percent or less.\u003C\u002Fli>\u003C\u002Fol>\u003Ch3>\u003Cstrong>Bottom Line\u003C\u002Fstrong>\u003C\u002Fh3>\u003Cp>Don’t get caught in the trap so many renters are currently in. If you are ready and willing to buy a home, find out if you are able. Have a professional help you determine if you are eligible to get a mortgage.\u003C\u002Fp>","\u003Cp>Don’t get caught in the trap so many renters are currently in. If you are ready and willing to buy a home, find out if you are able. Have a professional help you determine if you are eligible to get a mortgage.\u003C\u002Fp>","https:\u002F\u002Fwww.keepingcurrentmatters.com\u002Fwp-content\u002Fuploads\u002F2014\u002F08\u002F8.27-Visual.jpg",false,[17,21],{"id":18,"name":19,"slug":20},5,"For Buyers","buyers",{"id":22,"name":23,"slug":24},11,"First-Time Buyers","first-time-buyers","2014-08-27T07:00:48Z","2014-08-27T14:16:50Z",{"id":28,"slug":29,"title":30,"featuredImage":11,"publishedAt":31,"contentType":10,"isVideo":15},115,"14109-houses-sold-yesterday-did-yours","14,109 Houses Sold Yesterday! Did Yours? 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