According to a new analysis from RealtyTrac, 2016 may be a good year for renters to buy a house. That’s because the cost of renting continues to rise and – even though home prices have also been moving higher – buying is still cheaper than renting in nearly 60 percent of housing markets across the country. Daren Blomquist, RealtyTrac’s vice president, says now may be the time to buy for renters who are looking to make a move. “Renters in 2016 will be caught between a bit of a rock and a hard place, with rents becoming less affordable as they rise faster than wages, but home prices rising even faster than rents,” Blomquist said. “In markets where home prices are still relatively affordable, 2016 may be a good time for some renters to take the plunge into homeownership before rising prices and possibly rising interest rates make it increasingly tougher to afford to buy a home.” RealtyTrac’s analysis looked at rental data from the U.S. Department of Housing and Urban Development, wage data from the Bureau of Labor Statistics, and sales deed data in 504 counties with a population of at least 100,000. More here.
