Oxford MI emanates a small town feeling. The village center consists of shops, restaurants and taverns stretching for 2 blocks. Local happenings such as athletic events, downtown fairs, scarecrow competitions, school plays and concerts garner a large turnout throughout the year.
In a recent CNBC article, it was reported that many baby boomers are selling their current homes and moving into rentals, rather than purchasing another home.
“Between 2009 and 2015, the number of renters aged 55 or above rose 28 percent, while those aged 34 or younger only increased 3 percent…
Meanwhile, more than 5 million baby boomers across the nation are expected to rent their next home by 2020, according to a 2016 analysis from Freddie Mac.”
This makes sense in the short term for many reasons. If you are moving to a different part of town or a new region of the country, you may decide to rent until you pick the perfect home in an area you love. However, is renting a good long-term strategy?
A mortgage payment remains fixed. Rents, however…
The Census Bureau recently released their 2017 third quarter median rent numbers. Here is a graph showing rent increases from 1988 until today:
As you can see, rents have steadily increased and are showing no signs of slowing down. If you are faced with making the decision of whether you should rent or buy your next home, you should take this into consideration.
Bottom Line
One way to protect yourself from rising rents is to lock in your housing expense by buying a home instead of renting. Let’s get together so we can help you decide what the best step is for you and your family!
Source … KCM Donald Horne Blog
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If you have any questions about Oxford MI, the schools, amenities or the surrounding community, don’t hesitate to give us a call at 810-338-0628 or send us an email to: teamsuccesslisting@gmail.com. We will be happy to help you.
Are you considering selling your home? If you are, we would love to meet with you soon to show you what comparable properties have recently sold for, give you an estimate of your home’s current market value and review with you our marketing program.
Donald Horne, Broker / Owner
Team Success Listing LLC
810-338-0628 / teamsuccesslisting@gmail.com