If YOU are a Renter but Don't Want to Be ...
A survey provided by the Pew Research Center states that:
"In 2020, 46% of American renters spent 30% or more of their income on housing, including 23% who spent at least 50% of their income this way, according to the most recent data available from the U.S. Census Bureau". Here are some other statistics in that report that caught my eye:
1. The growth in rent prices exceeded inflation in every region but the Northeast: The average rent rose 21% in the West, 20% in the South and 18% in the Midwest. Rents were up 12% in the Northeast during that time
2. Americans anticipate continued rent increases in 2022, according to the Federal Reserve Bank of New York’s Survey of Consumer Expectations. Americans expect that rents will increase by 10% this year
Add the following info:
3. A report from the U.S. Census Bureau found that homeowner household had a median wealth of $269,100 compared to $3,036 for renters. In fact, homeowners' median wealth was a stunning 89 times higher than that of renters.
Also noted by Pew Research, only one in 10 Americans say they prefer renting over owning.
So I ask ...
Why don't more Renters ask questions, seek guidance, inquire about home buying, or take small steps toward buying?
The National Association of Realtors offers insight into that:
While attitudes about homeownership are positive, consumers’ misperceptions about credit scores, down payments, and income requirements, persist.
A recent article contained in their REALTOR Magazine entitled, "Down Payment Misperceptions Persist" touches upon that very topic. Consumers misunderstand and hold a host of misperceptions regarding down payments, homebuying, and mortgage financing in general.
This one post won't clear up, address, or answer every misperception or question that renters have. My objective today is simpler:
A recent article contained in their REALTOR Magazine entitled, "Down Payment Misperceptions Persist" touches upon that very topic. Consumers misunderstand and hold a host of misperceptions regarding down payments, homebuying, and mortgage financing in general.
This one post won't clear up, address, or answer every misperception or question that renters have. My objective today is simpler:
To convince those presently renting, but hoping to buy a home ... to contact me or pick up their phones. To get facts. If you or someone you know:
If you're a Renter and fit any of the following categories:
- Hopes to buy a home, now or at some point in the future
- Were a homeowner in the past and hope to become a homeowner again
- Have not had your Credit Scores run by a Mortgage Lender (Scores/Reports offered by others, such as Car Dealers, Credit Card Companies, and online sources can be vastly different from those utilized by Mortgage Lenders)
- Know your Credit Scores, but need help or guidance in improving them
- Are tired of renting
- Have questions regarding what homebuying possibilities and options exist for you
- Wonder how a cost comparison/financial analysis would benefit you
- More ...
Please take note: I'm not saying there's anything wrong with renting or not wanting to be a homeowner. That's not the intent of my message.
However, there is something amiss if you want and dream of buying a home ... yet are passing on your dream of homeownership based on misperceptions, preconceptions, or inaccurate info.
If that describes you: I urge you to have a conversation with me soon. That conversation holds the key to gaining facts and the answers you need to make sound decisions about buying and renting.
The info/answers gained from our conversation will:
- Be based on your finances
- Be based on your Credit Scores
- Be based on your needs
- Provide valuable info that can serve as your personal roadmap moving forward
The info provided will be based on facts. Facts as they pertain to you. Not myths, stories, or inaccurate information.
Are you hoping to Construct, Buy, Refinance or Purchase a home or investment property in Chicagoland or somewhere else in Illinois or Wisconsin?
Looking for mortgage financing answers, options, solutions, and experienced assistance? Contact me! I'll put my 40 years of Mortgage experience and expertise hard to work on your behalf.
I'm easily found at:
Gene Mundt
Mortgage Originator -NMLS #216987 - IL Lic. 031.0006220 - WI License #216987
American Portfolio Mortgage Corp
NMLS #175656
Direct: 815.524.2280
Cell/Text: 708.921.6331
eFax: 815.524.2281
Gene Mundt, Mortgage Originator, an Originator with 40+ years of mortgage experience, will offer you exemplary mortgage service and advice when seeking: Conventional, FHA, VA, Jumbo, USDA, and Portfolio Loans in Chicago and the greater Chicagoland region, including:
The Lincoln-Way Area, Will County, (#New Lenox, #Frankfort,
#Mokena, #Manhattan, #FrankfortSquare, #Joliet, #Shorewood, #Elwood, #Lockport, #Wilmington, #Crest Hill, #Symerton, #Braidwood, #Channahon, #UniversityPark, #Beecher, #Plainfield, #Bolingbrook, #Romeoville, #TinleyPark, #HomerGlen, #Crete, #Peotone, #Naperville, etc.), DuPage County, Kane County, Grundy County, the City of Chicago, Cook County, & elsewhere in IL & WI
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