Renters spend 5% more on housing than homeowners. Yep! Being a renter is MORE expensive than being a homeowner according to RIS media. Since 2005 homeowner's housing costs have risen from 31.9% to 33.2% of household income. Renters housing costs have increased from 35.6% to 38.4% since 2005. Another study suggests the same trend with housing costs increasing 12% for homeowners and 22% for renters since 1985! And finally, Capitol Economics stated that for the first time in 30 years the median monthly mortgage payment is the same as, if not a little less than, the median monthly rental payment. With the rising rental prices plus record low interest rates, now’s a great time to become a home owner!
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