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Now Is The Time To Buy
According to the Beracha, Hardin & Johnson Buy vs. Rent (BH&J) Index, the U.S. housing market has continued to move deeper into buy territory, supporting the belief that housing markets across the country remain a sound investment.
The BH&J Index is a quarterly report that attempts to answer the question: In today’s housing market, is it better to rent or buy a home?
The index examines the entire US housing market and then isolates 23 major cities for comparison. The researchers “measure the relationship between purchasing property and building wealth through a buildup in equity versus renting a comparable property and investing in a portfolio of stocks and bonds.”
While most of the metropolitan markets examined moved further into buy territory (16 of the 23), markets like Dallas, Denver, and Houston are currently deep into rent territory. In these three markets, it is estimated that renting will top homeownership 7 out of 10 times.
Due to a lack of inventory, the home prices in the Dallas metropolis have increased by 11.6% over same time prior year. Home prices in North Texas areas will begin to return to more normal levels once residents realize that renting is not the best option, therefore bringing home affordability back as well. Rental prices have hit all-time highs in popular areas like Richardson, Plano, Southlake, Irving, Frisco, Grapevine and many other cities - making it even harder to build your wealth when renting.
The majority of the country is strongly in buy territory. Buying a home makes sense socially and financially, as rents are predicted to increase substantially in the next year. Protect yourself from rising rents by locking in your housing cost with a mortgage payment now. If you would like more information on how to buy and build your wealth, contact us today.
To Find Out More About the Study: The BH&J Index is published quarterly and is available online at http://business.fau.edu/buyvsrent.
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