[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"$fed3hjg0vz6bh":3,"$ffeh0925h8cuz":38,"$fbwk2pqjjqsc7":42},{"item":4,"previous":26,"next":32},{"id":5,"slug":6,"title":7,"description":8,"excerpt":9,"contentType":10,"featuredImage":11,"bannerImage":9,"body":12,"agentsBottomLine":13,"bodyImage":9,"isInfographic":14,"categories":15,"isVideo":14,"videoThumbnail":9,"videoSource":9,"publishedAt":24,"updatedAt":25},371,"dont-get-caught-in-the-renters-trap-three","Don't Get Caught In The Renter's Trap","There are many benefits to homeownership. One of the 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\n","","blog","https:\u002F\u002Fsimplifyingmedia\u002Fwp-content\u002Fuploads\u002F2015\u002F08\u002F01162200\u002FDont-Get-Trapped.jpg","There are many benefits to homeownership. One of the 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\n\u003C!--more-->\r\n\r\nThe \u003Cem>National Association of Realtors (NAR)\u003C\u002Fem> released their \u003Ca href=\"http:\u002F\u002Frealtormag.realtor.org\u002Fdaily-news\u002F2015\u002F08\u002F20\u002Fmore-millennials-are-stuck-in-rental-trap\">findings\u003C\u002Fa> of a study 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 average renter in the United States pays 30% of their income on housing compared to that of a homeowner who can expect to spend 15%.\r\n\r\nIn many metro areas the \u003Ca href=\"http:\u002F\u002Frealtormag.realtor.org\u002Fdaily-news\u002F2015\u002F06\u002F15\u002Frenters-face-steep-costs-in-job-havens\">percentage of income\u003C\u002Fa> spent on housing is even higher and continues to rise every year. Like in San Francisco, CA, where the average renter spends 59% of their monthly income on housing or nearly 65% in Boston, MA.\r\n\r\nHomebuyers who purchased their home over the same five-year period locked in their housing costs and 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. \u003Cem>HousingWire\u003C\u002Fem> \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>\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\nAs we have reported \u003Ca href=\"\u002F2015\u002F08\u002F20\u002F64-2-of-millennials-put-down-less-than-20\u002F\">last week\u003C\u002Fa>, over 60% of Millennials who recently bought a home put down less than 20%; 36% put down less than 5%. Your dream home may be more attainable than you ever imagined!\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 able. 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 able. Have a professional help you determine if you are eligible to get a mortgage.",false,[16,20],{"id":17,"name":18,"slug":19},5,"For Buyers","buyers",{"id":21,"name":22,"slug":23},11,"First-Time Buyers","first-time-buyers","2015-08-25T10:00:55Z","2015-09-04T10:57:31Z",{"id":27,"slug":28,"title":29,"featuredImage":30,"publishedAt":31,"contentType":10,"isVideo":14},370,"what-you-do-not-need-to-hear-from-your-listing-agent","What You Do Not Need To Hear From Your Listing Agent!","https:\u002F\u002Fsimplifyingmedia\u002Fwp-content\u002Fuploads\u002F2015\u002F08\u002F01162206\u002FTwo-Things.jpg","2015-08-24T10:00:08Z",{"id":33,"slug":34,"title":35,"featuredImage":36,"publishedAt":37,"contentType":10,"isVideo":14},372,"should-i-wait-to-put-down-a-bigger-down-payment","Should I Wait to Put Down a Bigger Down Payment?","https:\u002F\u002Fsimplifyingmedia\u002Fwp-content\u002Fuploads\u002F2015\u002F08\u002F01162205\u002FShould-I-Wait.jpg","2015-08-26T10:00:14Z",{"cover":39,"open":40,"shareSpread":41},"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",[43,47,48,52,56,60,64,65,69,73,77,81,85,89,93,97,101,105,109,113,117,121,125,129,133,137,141,145,149,153],{"id":44,"name":45,"slug":46},1,"Uncategorized","uncategorized",{"id":17,"name":18,"slug":19},{"id":49,"name":50,"slug":51},6,"For Sellers","sellers",{"id":53,"name":54,"slug":55},7,"Foreclosures","foreclosures",{"id":57,"name":58,"slug":59},8,"Infographics","infographics",{"id":61,"name":62,"slug":63},9,"Home Prices","home-prices",{"id":21,"name":22,"slug":23},{"id":66,"name":67,"slug":68},34,"Senior Market","senior-market",{"id":70,"name":71,"slug":72},35,"Mortgage Rates","mortgage-rates",{"id":74,"name":75,"slug":76},38,"Move-Up","move-up",{"id":78,"name":79,"slug":80},41,"For Sale by Owner","for-sale-by-owner",{"id":82,"name":83,"slug":84},42,"Featured","featured",{"id":86,"name":87,"slug":88},45,"New Construction","new-construction",{"id":90,"name":91,"slug":92},52,"Luxury \u002F Vacation","luxury--vacation",{"id":94,"name":95,"slug":96},53,"Rent vs. Buy","rent-vs-buy",{"id":98,"name":99,"slug":100},80,"Time-sensitive","time-sensitive",{"id":102,"name":103,"slug":104},81,"Outdated","outdated",{"id":106,"name":107,"slug":108},147,"Internal","internal",{"id":110,"name":111,"slug":112},148,"Do Not Autopost","do-not-autopost",{"id":114,"name":115,"slug":116},320,"Inventory","inventory",{"id":118,"name":119,"slug":120},321,"Agent Value","agent-value",{"id":122,"name":123,"slug":124},322,"Affordability","affordability",{"id":126,"name":127,"slug":128},323,"Buying Tips","buying-tips",{"id":130,"name":131,"slug":132},324,"Downsize","downsize",{"id":134,"name":135,"slug":136},325,"Economy","economy",{"id":138,"name":139,"slug":140},326,"Equity","equity",{"id":142,"name":143,"slug":144},327,"Forecasts","forecasts",{"id":146,"name":147,"slug":148},328,"Selling Tips","selling-tips",{"id":150,"name":151,"slug":152},339,"Expired\u002FWithdrawn\u002FCanceled","expiredwithdrawncanceled",{"id":154,"name":155,"slug":156},340,"Price It Right\u002FOverpricing","price-it-rightoverpricing"]