You might have done the math a few years ago and decided it would be financially prudent to stay in your apartment until your next big raise. Unfortunately, Zillow reports that the average renter spent $312 more in rent in 2014 than 2013. “Over the past 14 years, rents have grown at twice the pace of income due to weak income growth, burgeoning rental demand, and insufficient growth in the supply of rental housing,” said Zillow Chief Economist Stan Humphries. He also predicts that rents will rise even faster than home values, meaning another increase in total rent paid this year.
With rents on the rise again, it might be the time to save up a down payment and make the switch. Use this free Rent v Own online calculator to determine what is best for your situation: http://www.lordmortgage.com/#!rent-vs-own-calculator/coop
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