Edina, Minnesota
4445 W 77th St , Suite 105
Minneapolis, MN 55435
952-797-6032

Good News for the Housing Market! January 8, 2018

Edina, Edina
Good News for the Housing Market!, Edina, Minnesota
Number of Renting Households Decline for the First Time Since 2004

The 2017 Annual Rent Report prepared by ABODO showed that average Rents rose by 2.4% over the course of 2017. And for the first time since 2004, the number of households that rent instead of own, dropped.

Citing Harvard University’s Joint Center for Housing Studies (JCHS), ABODO said more than a third of US households are renters, with about $43 million households renting across the US as of the middle of 2017.

ABODO said 2017 marked the first decline, although slight, of renting households in 13 years, citing a JCHS report. The number of renting households had been continuously increasing since 2004.

The decline in renting households in 2017 came as rents rose over the same period. At the end of 2017, one-bedrooms had a national median rent of $1,040, a 2.4% increase. Meanwhile, the national median rent for two-bedroom apartments was $1,252 in December, an increase of 3% from its level in January.

As rents rise, it strengthens demand for home sales as very low mortgage rates and unemployment levels make the cost of owning an appreciating asset far more attractive then throwing away monthly rent payments.

Source: ABODO

This may be the best time to plan your home purchase before Spring. 

Stop by, email or call Team Dominic today for more information – 

4445 77th St W, Ste 105, Minneapolis, Minnesota

dominicd@fairwaymc.com

(952) 797-6032

http://www.teamdominic.com/

Other Announcements, Events and Deals from Fairway Independent Mortgage Corporation
A Beginner's Guide to Understanding Mortgages, Edina, Minnesota
If you’re thinking about buying a home, knowing about mortgages and how they work is of the utmost importance. The team at Fairway Independent Mortgage Corporation in Minneapoli...read more
3 Tips for Paying Off a Mortgage Loan Early, Edina, Minnesota
The majority of homeowners turn to mortgages for home purchases because it's not feasible to pay those sums out of pocket. While making your payments on time is a priority, you shoul...read more
Understanding Your Credit Score for Mortgages, Edina, Minnesota
There are very few ways to access the credit score that matters the most. As much consumer advocacy as exists in society, you wouldn’t think that would be the case. However, for what...read more
Your Guide to Refinancing a Mortgage, Edina, Minnesota
Your mortgage is a long-term financial commitment that allows you to obtain and keep your beloved home. It might be time to consider how refinancing can benefit you. For more th...read more