Where Rents Are Rising The Fastest

Where Rents Are Rising The Fastest

By Kathryn Vasel and Tal Yellin of Money.CNN

Rents rose 4.3% nationwide in May, according to Zillow, but some cities are experiencing much faster growth. The data is for median rents in May compared to May 2014 and were provided by Zillow.

The GreenHouse GroupIn San Diego we saw a 5.1% increase with an average rent of $2,334/mo.  That means renters saw a one hundred dollar increase per month since May of last year.

Not that you needed a clearer indicator to move you in the direction of home ownership but I’ll give you one anyway. With long-term interest rates falling recently that $100 increase translates to $20,000 in home price.  Factor in the tax deductibility of mortgage interest and anyone who is paying $1,500+ each month for rent has a big incentive to make the leap from renting to owning.

To find out exactly what your rent is costing you and more importantly your purchase power click this sentence.

By David Hughson

Mortgage Planner, Rent Basher


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