I would never have believe this statement in a million years, never mind the 40 plus years of being in the real estate and mortgage businesses. Is it really possible that folks want to rent for the rest of their lives?
If this kind of survey is correct, then all of us in the mortgage and real estate industry have done an extremely poor job in letting the public know, “HOME OWNERSHIP IS ATTAINABLE”.
I took a mortgage application yesterday from folks that are renting, paying $1,550 per month and their mortgage for the home they are buying is going to be $1,230 per month. How does this not make sense? It’s like getting a nearly $4,000 a year pay raise, which sure does make good financial sense to most of us.
Check out this article for the details:
BY: TORY BARRINGER