Rents of single family homes in Raleigh and Cary and across Wake County are up nearly 8% year over year in 2015 making it one of the fastest growing in the nation! Today the cost of renting a single family home in Raleigh will generally going to exceed that actual total monthly payment of a low or no money down 30 year fixed rate mortgage by about 15 -25%! While that may be good for investors looking to add cash-flowing real estate to their portfolio, renting is one of the worst ways to grow personal wealth. Yet according to the National Association of Realtors® who reported that among 2014 buyers of primary residences, 33 percent were first-timers, whereas the historical average has been 40 percent for this group.
Survey reveals Americans’ top investment choice: Real estate
A recent survey by BankRate.com reveals that despite of the past decades crash in real estate, an overwhelming 27% of Americans viewed Real Estate as the BEST option for their cash, followed by 23% favoring cash, with the stock market following that in a very distant third place at a meager 17%!
Raleigh ranks #5 in Wallet-Hubs 2015’s Large City Best and Worst Cities for First-Time Home Buyers
Historically, when rents push within 85% of the cost of owning that same home, renters tend to fire their landlord in favor of building wealth for themselves instead of their landlord. But in spite of historically low mortgage rates and stable home prices across Wake County in all prices, today’s would-be first-time-home-buyers remain skeptical.