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COST BURDEN: Renters vs Homeowners
June 4th, 2019 8:14 AM
Latest reports indicate renters are more cost-burdened than homeowners, and that the cost to rent a single-family home has increased significantly, while the typical mortgage payment an costs associated are lower.
Over the past 13 years, rent has increased 36% while a typical mortgage payment has declined 4% over that period. Yes, the median price for a single family home has increased on the average of 5-6% over the past several years on the North Fork of Long Island, so purchasing still requires a considerable down payment. But, over the same 13 years, homeowners costs for their monthly mortgage payment and other owner expenses went down 10%(30% to 27%) versus the cost to rent which remained similar, around 46% of their monthly income.

Posted in:General and tagged: renters/homeowners/mortgage
Posted by Richard Wayne Abatelli on June 4th, 2019 8:14 AMPost a Comment

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