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You would think you know the answer to this question: Should I rent or should I buy a home in 2022. It’s not as easy as it looks so let’s dive into some data and look at the short-term and the long-term effects of buying and renting a home in this current real estate market.
In short, if you are looking to buy a home make sure you know that. you have to stay in for. a few years in order to make good equity on it. If you’re looking for a quick equity play then it’s probably best to rent in 2022 and 2023.
I have 1 new article from the Wall Street Journal and one I used 2 weeks ago that you will love that breaks down renting and buying and how this affects the real estate market.
Wall Street Journal Article on renting or buying:
An older article on Rent/Price ratio and the housing market for 2022:
Some popular questions about Real Estate in 2022
The Real Estate Market is going to crash? No
What does the research say about the housing market? It’s not going to crash
Will inflation affect the real estate market? Yes, it will, but as long as interest rates remain lower it will not crash the market.
Is it a good time to buy real estate? Yes, don’t base your purchasing on fear, if you need to buy go ahead and buy a home and do your homework. Home prices still rise in cycles and real estate has always been a long-term play. It’s no different with real estate in 2022.
Is it a good time to sell a home in real estate? Yes, some economists indicate that this year will be the height of the market for home prices.
0:00 – Intro
1:02 – Is It Better to Rent or Buy? What to Do in a Hot Housing Market
2:47 – Article by Will Parker and Nate Rattner
3:30 – A hot housing market has increased the time it takes to break even on the upfront costs of buying a home.
4:56 – A person buying a median priced home and putting 10% cash down with a 30 year, 5% fixed rate mortgage
6:31 – The math looks a lot better for homeowners on the other side of the break even point
8:05 – The 10% down payment, which Tomo says is typical of its users, is higher than what many first time buyers look to pay
8:53 – Rick Sharga from Attom Data Solution said, “If you’re suddenly looking at 40% of your monthly income going into your home payment, and we have inflation at 8.5%…
9:31 – Ms. Yusuf says, “A 30% increase in rent this past fall was a major motivator in what became a monthlong hunt for a home to buy”
9:52 – This is not the 2008 housing bubble all over again but a little know metric can tell us when the next crash is coming Article Source
10:42 – Rent vs. Own
11:26 – Conclusion
Originally published at https://www.youtube.com/watch?v=YbR134nilPM
The post Is It Better to Rent or Buy? | The Housing Market in 2022 first appeared on Miami In News.
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