Buying a house has always been the most favored option among real estate agents because of its advantages. While some people continue to prefer renting than homeownership, the continuous rise in the prices of rents across the U.S. may prompt more people into seriously considering buying a home this time.
Many real estate agents and industry experts are unanimous when it comes to their opinions on whether one should rent or own a house. While owning a house entails more responsibilities than renting one, it also means you are paying for something, which you can call your own once the mortgage term comes to an end.
The benefits and advantages of owning a house are endless, but more Americans still prefer to rent. However, recent reports suggest that rents across the country are shooting up with some prices even higher than monthly mortgage payments.
According to Realtor.com, rents across the U.S. rose 2.7 percent as compared to last year's figures with one city experiencing a significant increase in the median price of rents. Colorado Spring, CO, in particular, has seen an 11.4 percent increase in its median rent.
A one-bedroom house in the said city rose to $790 while a two-bedroom apartment costs $1,010. Data science manager Andrew Woo predicts that rents will continue to increase in Colorado Spring.
"There are so many millennials moving there. They're really attracted by the quality of life there and strong employment opportunities," he said.
Next on the list are Orlando, FL; Providence, RI; Tampa, FL; Vancouver, WA; Reno, NV; Salt Lake City, UT; Austin, TX; Portland, OR; and Fort Wayne, IN.
As previously reported on Realty Today, some people are already taking advantage of the said increase in the rents of homes in the U.S. and are investing in the real estate market.
Americans are now spending more on home improvements, as more people are looking for houses to rent, especially in those cities with better opportunities and those located near good schools and facilities.
