HUD Articles
Don't Be Trapped in Rising Rental Rates in 2023
January 05, 2023
As a renter, you are forced to decide each year: should you renew your lease, find another lease or buy a home? According to Realtor.com, 74% of renters who have moved the past year saw a rent increase. In fact, 63% of renters who lived at their current place for 1-2 years also reported a rent increase.
According to the Census, rents have been consistently rising since 1988, and they are expected to continue to keep rising. If you're looking for more stability, make your goal for 2023 homeownership. A fixed rate mortgage will keep your payments the same for th elife of your loan. You will also benefit from home equity, which allows you to grow your wealth. Concerned about the cost of maintaining your home? Consider buying a condo. Condominiums are generally less expensive than a house and the condo association may also take care of your exterior maintenance, lawn care, snow removal, even water and gas bills in many instances.
Make 2023 the year to talk to a Realtor about your concerns. Realtors have the inside scoop on the economy, interest rates, rental rates and homes for sale. Make this year your year to be in control.
