Marcus Hiles Notes Benefits Of Staying In Rental Market

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  • March 13, 2017
  • Market,Renting,Mortgage Rate,Texas Renters,US Real Estate,Long Term Housing Solutions,Marcus D. Hiles, Dallas, Texas,Western Rim,Hiles, Marcus Hiles,Luxury Living,Texas Cities

    Thanks to a variety of changing economic factors, mortgage figures have risen roughly half a percentage point to a 16-month high, ”adding hundreds, sometimes thousands, of dollars to a home buyer’s yearly payments,” note New York Times contributors Patricia Cohen and Conor Dougherty. They added that “The speed and size of the increase took many lenders and borrowers by surprise, and the increase is expected to reverberate across the housing industry, particularly if rates continue to rise next year.” Marcus Hiles points out that renting is a viable alternative to undertaking the rising costs of home ownership, as such high rates can make it difficult for prospective buyers to build the monthly payment into their budget. Additional expenditures stemming from any necessary repairs, maintenance, and renovations threaten to add further stress to the home owner’s finances. While the total cost of an annual lease agreement may be slightly higher than the average mortgage payments in a given year, the overall financial burden is significantly lower when renting, as noted by the U.S. Bureau of Labor Statistics.

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