Recently, I saw an article from the Urban Institute about a new metric they created called HARI (Housing Affordability for Renters Index). The index measures the percentage of renters who can actually afford to own a home.
To simplify, they examine the price range of homes available on the market, what the cost of ownership would be, and compare it to what renters are currently paying monthly. The results paint a picture that renters should explore.
I was surprised to see that 31% of renters may not be aware that they can own a home in the Phoenix Metro area.
Yes! You read that right. Almost 1/3 of renters may not realize that they have the option to own a home. It seems that the healthy economy paired with loosening lending restrictions has created new opportunities for people that they aren’t aware of.
Are you one of those renters? Do you know someone that may be?
Reach out to me today. Along with my lending partners we can review your current situation and lay out a roadmap to home ownership. Let’s flip that monthly rent payment around and get it to work for YOU, and not some landlord.
(CLICK HERE to read the article from the Urban Institute.)