With the current economic situation in the United States, some people are facing rising rents. According to Apartment List’s August 2022 National Rent Report, rents this year are “growing more slowly than they did in 2021, but faster than they did in the years immediately preceding the pandemic.”

Specifically, Apartment List found that year-over-year “rent growth currently stands at 12.3 percent, but has been trending down since the start of the year from a peak of 18 percent.”

Homeownership has challenges, including coming up with a down payment and dealing with additional responsibilities. However, I believe homeownership is a way people can get ahead of the volatile rental market. For one, fixed-rate mortgages are more predictable than rent prices. And even if monthly mortgage payments increase for various reasons (such as having an adjustable-rate mortgage), I would argue that it’s still a better position to be in than at the beck and call of a landlord’s pricing decisions.

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