There's a question that has been asked time and again. For some people renting seems to be the easy answer. No maintenance, no long term commitment, the flexibility of being able to "get up an go" so to speak. I have to tell you however, owning a home has never been more affordable!
The National Association of Realtors Housing Affordability Index, compares median income, median home price and mortgage rates. An index value of 100 means a family with the median income has exactly enough income to qualify for a mortgage on a median-priced home, (assuming a 20 percent down payment). The index rating for the first six month's of this year has been between 180 and 200.
To give you a better idea on buying vs renting, consider a family with an annual income of $60,000 renting at $1,000 per month. By comparison, a 30-year mortgage payment on a $170,000 home at the current rate of 4.5 percent, again assuming a 20 percent down payment, would be $700 per month. Just think of the savings! Do the math!
Home ownership builds communities. Check out the homes available throughout Northeast Indiana, visit http://www.neiaor.com/ today.
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