Tag Archives: Market Report

Owning Vs Renting

Owning Is More Affordable than Renting in the Majority of the Country

Owning Is More Affordable than Renting in the Majority of the Country | MyKCM

If you were thinking about buying a home this year, but already pressed pause on your plans due to rising home prices and increasing mortgage rates, there’s something you should consider. According to the latest report from ATTOM Data, owning a home is more affordable than renting in the majority of the country. The 2022 Rental Affordability Report says:

“. . . Owning a median-priced home is more affordable than the average rent on a three-bedroom property in 666, or 58 percent, of the 1,154 U.S. counties analyzed for the report. That means major home ownership expenses consume a smaller portion of average local wages than renting.”

Other experts in the industry offer additional perspectives on renting today. In the latest Single-Family Rent Index from CoreLogic, single-family rent saw the fastest year-over-year growth in over 16 years when comparing data for November each year (see graph below):

Owning Is More Affordable than Renting in the Majority of the Country | MyKCM

Molly Boesel, Principal Economist at CoreLogic, stresses the importance of what the data shows:

Single-family rent growth hit its sixth consecutive record high. . . . Annual rent growth . . . was more than three times that of a year earlier. Rent growth should continue to be robust in the near term, especially as the labor market continues to improve.”

What Does This Mean for You?

While it’s true home prices and mortgage rates are rising, so are monthly rents. As a prospective buyer, rising rates and prices shouldn’t be enough to keep you on the sideline, though. As the chart above shows, rents are skyrocketing. The big difference is, when you rent, that rising cost benefits your landlord’s investment strategy, but it doesn’t deliver any sort of return for you.

In contrast, when you buy a home, your monthly mortgage payment serves as a form of forced savings. Over time, as you pay down your loan and as home values rise, you’re building equity (and by extension, your own net worth). Not to mention, you’ll lock in your mortgage payment for the duration of your loan (typically 15 to 30 years) and give yourself a stable and reliable monthly payment.

When asking yourself if you should keep renting or if it’s time to buy, think about what Todd Teta, Chief Product Officer at ATTOM Data, says:

“. . . Home ownership still remains the more affordable option for average workers in a majority of the country because it still takes up a smaller portion of their pay.”  

If buying takes up a smaller portion of your pay and has benefits renting can’t provide, the question really becomes: is renting really worth it?

Bottom Line

If you’re weighing your options between renting and buying, it’s important to look at the full picture. While buying a home can feel like a daunting process, having a trusted advisor on your side is key. Let’s connect to explore your options so you can learn more about the benefits of homeownership today.

Bishop Arts District

Welcome to Bishop Arts District in Dallas, Texas. From the early 1900’s until 1951, the No. 4 Streetcar stopped at the corner of Bishop Avenue and West Seventh Street. It was of the most thriving trolley car stops in Dallas in its day, and the commercial district grew up around it. In 1990, the District, with its 12 acres and 20 buildings, was added to the National Registry of Historic Places. In 2000, an improvement project with $2.5 million in city funding brought upgrades, which included planting trees, improving sidewalks, & installing trolley-era lampposts. Today most people associate the district with Oak Cliff itself, but there’s more here than cute shops and delicious food!

Don’t wait to explore all the Bishop Arts District has to offer!

1. Bishop Ave shops & restaurants 2. Shopping & dining at the intersection of Tyler & Davis

Check out these websites to learn a little more!

https://heritageoakcliff.org/https://www.heritageoakcliff.org/page-1424875
https://texashighways.com/travel-news/retro-active-the-bishop-arts-district/

What was the market like for the Bishop Arts District in 2021?

And don’t forget to follow us on Instagram to see what else makes this neighborhood special!

Explore Kiest Park Neighborhoods

Brettonwoods | Kiestwood | Oak Park Estates

Come explore the Kiest Park neighborhoods in Dallas, Texas. Adjacent to the 248-acre Kiest Park are three wonderful neighborhoods: 1) Brettonwoods, 2) Kiestwood and 3) Oak Park Estates. Much of Brettonwoods was originally part of the Overton farm. In the early 1950’s, the family began to sell tracts for home building. To the north, is Kiestwood, where more than 400 homes were built between 1950 and 1965. Just east, Oak Park Estates was developed by brothers Vernon and James Smith, who were local architects, and developers. Oak Park Estates was marketed simply as “Oak Cliff’s finest neighborhood”. We think it’s pretty awesome too!

Don’t wait to explore all these Kiest Park neighborhoods have to offer!

Check out these websites to learn a little more!

https://heritageoakcliff.org/Brettonwoods
https://neighborhoods.dmagazine.com/dallas/oak-cliff/kiestwood/
http://kiestwoodhha.com/
http://www.opena.org/

What was the market like for the Kiest Park Neighborhoods in 2021?

And don’t forget to follow us on Instagram to see what else makes these neighborhoods special!

Q2 Trends

We’ve seen so much growth over the past year thanks to our wonderful clients.

Check out this Market Trend Report from Compass!

Compass had the highest total sales in Dallas County for the month of July. We’re happy to work with some of the best in the biz!