[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"$f1ghm5fjl93vyr":3,"$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},258,"dont-get-caught-in-the-renters-trap-2","Don’t Get Caught in the ‘Renter’s Trap’","\r\n\r\nThere are many benefits to homeownership, one of top ones, is being able to protect yourself from rising rents and lock in your housing cost for the life of your mortgage.\r\n\r\nThe National Association of Realtors (NAR) just released their findings...","","blog","https:\u002F\u002F\u002F","\u003Cimg class=\"alignnone size-full wp-image-30333\" src=\"https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002Fwp-content\u002Fuploads\u002F2015\u002F03\u002FRenters-Trap.jpg\" alt=\"Don’t Get Caught in the ‘Renter’s Trap’ | Simplifying The Market\" width=\"600\" height=\"315\" \u002F>\r\n\r\nThere are many benefits to homeownership, one of top ones, is being able to protect yourself from rising rents and lock in your housing cost for the life of your mortgage.\r\n\r\nThe \u003Cem>National Association of Realtors\u003C\u002Fem> (NAR) just released their findings of a \u003Ca href=\"http:\u002F\u002Fwww.realtor.org\u002Fnews-releases\u002F2015\u002F03\u002Fnar-study-accelerating-housing-costs-have-renters-feeling-the-squeeze\">study\u003C\u002Fa> in which they studied \u003Cem>“income growth, housing costs and changes in the share of renter and owner-occupied households over the past five years in metropolitan statistical areas throughout the US.”\u003C\u002Fem>\r\n\u003Ch3>\u003Cstrong>Don’t Become Trapped\u003C\u002Fstrong>\u003C\u002Fh3>\r\nThe study revealed that over the last five years, a typical rent rose 15%, while the income of renters grew by only 11%. If you are currently renting, this disparity in growth could get you caught up in a cycle where increasing rents continue to make it impossible for you to save for a necessary down payment.\r\n\r\nThe top 5 markets where renters have seen the \u003Ca href=\"http:\u002F\u002Feconomistsoutlook.blogs.realtor.org\u002Ffiles\u002F2015\u002F03\u002FNAR-Renter-Research-70-Metro-Areas.pdf\">highest increase\u003C\u002Fa> in rents since 2009 are:\r\n\u003Cul>\r\n\t\u003Cli>New York, NY (50.7%)\u003C\u002Fli>\r\n\t\u003Cli>Seattle, WA (32.4%)\u003C\u002Fli>\r\n\t\u003Cli>San Jose, CA (25.6%)\u003C\u002Fli>\r\n\t\u003Cli>Denver, CO (24.1%)\u003C\u002Fli>\r\n\t\u003Cli>St. Louis, MO (22.3%)\u003C\u002Fli>\r\n\u003C\u002Ful>\r\nHomebuyers, who were able to purchase their home over the same five-year period and lock in their housing costs, were able to grow their net worth as home values have increased and their mortgage balances have gone down.\r\n\u003Ch3>\u003Cstrong>Know Your Options\u003C\u002Fstrong>\u003C\u002Fh3>\r\nPerhaps you have already saved enough to buy your first home. HousingWire \u003Ca href=\"http:\u002F\u002Fwww.housingwire.com\u002Fblogs\u002F1-rewired\u002Fpost\u002F30441-nomura-fear-is-keeping-demand-pent-up\">reported\u003C\u002Fa> that analysts at Nomura believe:\r\n\u003Cblockquote>\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>\u003Cem> \u003C\u002Fem>\r\n\r\n\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.” (emphasis added)\u003C\u002Fem>\u003C\u002Fblockquote>\r\nAccording to \u003Ca href=\"http:\u002F\u002Fwww.freddiemac.com\u002Fblog\u002Fhomeownership\u002F20150212_1_tax_refund_homeownership.html\">Freddie Mac\u003C\u002Fa>:\r\n\u003Cblockquote>\u003Cem>“Depending on their credit history and other factors, many borrowers can expect to make a down payment of about 5 to 10%. And new 3% down financing options for qualified borrowers could mean a down payment as little as $6,000 for a $200,000 home.”\u003C\u002Fem>\u003C\u002Fblockquote>\r\n\u003Ch3>\u003Cstrong>Bottom Line\u003C\u002Fstrong>\u003C\u002Fh3>\r\nDon’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 \u003Cstrong>able\u003C\u002Fstrong>. Have a professional help you determine if you are eligible to get a mortgage.","\r\nDon’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 \u003Cstrong>able\u003C\u002Fstrong>. Have a professional help you determine if you are eligible to get a mortgage.","https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002Fwp-content\u002Fuploads\u002F2015\u002F03\u002FRenters-Trap.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","2015-03-18T10:00:59Z","2015-03-17T18:21:45Z",{"id":28,"slug":29,"title":30,"featuredImage":11,"publishedAt":31,"contentType":10,"isVideo":15},257,"dont-let-your-luck-run-out","Don’t Let Your “Luck” Run Out","2015-03-17T10:00:30Z",{"id":33,"slug":34,"title":35,"featuredImage":11,"publishedAt":36,"contentType":10,"isVideo":15},259,"billionaire-says-real-estate-is-best-investment-possible-3","Billionaire Says Real Estate is Best Investment Possible","2015-03-19T10:00:51Z",{"cover":38,"open":39,"shareSpread":40},"https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20260603\u002F2026-Summer-Buyers-Guide-Cover-original.png","https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20260603\u002F2026-Summer-Buyers-Guide-Spread-original.png","https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20260603\u002F2026-Summer-Buyers-Guide-Magazine-original.png",[42,46,47,51,55,59,63,64,68,72,76,80,84,88,92,96,100,104,108,112,116,120,124,128,132,136,140,144,148,152],{"id":43,"name":44,"slug":45},1,"Uncategorized","uncategorized",{"id":18,"name":19,"slug":20},{"id":48,"name":49,"slug":50},6,"For Sellers","sellers",{"id":52,"name":53,"slug":54},7,"Foreclosures","foreclosures",{"id":56,"name":57,"slug":58},8,"Infographics","infographics",{"id":60,"name":61,"slug":62},9,"Home Prices","home-prices",{"id":22,"name":23,"slug":24},{"id":65,"name":66,"slug":67},34,"Senior Market","senior-market",{"id":69,"name":70,"slug":71},35,"Mortgage Rates","mortgage-rates",{"id":73,"name":74,"slug":75},38,"Move-Up","move-up",{"id":77,"name":78,"slug":79},41,"For Sale by Owner","for-sale-by-owner",{"id":81,"name":82,"slug":83},42,"Featured","featured",{"id":85,"name":86,"slug":87},45,"New Construction","new-construction",{"id":89,"name":90,"slug":91},52,"Luxury \u002F Vacation","luxury--vacation",{"id":93,"name":94,"slug":95},53,"Rent vs. Buy","rent-vs-buy",{"id":97,"name":98,"slug":99},80,"Time-sensitive","time-sensitive",{"id":101,"name":102,"slug":103},81,"Outdated","outdated",{"id":105,"name":106,"slug":107},147,"Internal","internal",{"id":109,"name":110,"slug":111},148,"Do Not Autopost","do-not-autopost",{"id":113,"name":114,"slug":115},320,"Inventory","inventory",{"id":117,"name":118,"slug":119},321,"Agent Value","agent-value",{"id":121,"name":122,"slug":123},322,"Affordability","affordability",{"id":125,"name":126,"slug":127},323,"Buying Tips","buying-tips",{"id":129,"name":130,"slug":131},324,"Downsize","downsize",{"id":133,"name":134,"slug":135},325,"Economy","economy",{"id":137,"name":138,"slug":139},326,"Equity","equity",{"id":141,"name":142,"slug":143},327,"Forecasts","forecasts",{"id":145,"name":146,"slug":147},328,"Selling Tips","selling-tips",{"id":149,"name":150,"slug":151},339,"Expired\u002FWithdrawn\u002FCanceled","expiredwithdrawncanceled",{"id":153,"name":154,"slug":155},340,"Price It Right\u002FOverpricing","price-it-rightoverpricing"]