75% of Renters Have Been Misinformed

Recently, multiple headlines have been written asserting that homeownership is less affordable today than at any other time in the last decade. Though the headlines are accurate, they lack context and lead too many Americans to believe that they can’t partake in a major part of the American Dream – owning a home.

In 2008, the housing market crashed and home values fell by as much as 60% in certain markets. This was the major trigger to the Great Recession we experienced from 2008 to 2010. To come back from that recession, mortgage interest rates were pushed down to levels that were never seen before.

For the last ten years, you could purchase a home at a dramatically discounted price and attain a mortgage at a historically low mortgage rate.

Affordability skyrocketed.

Now that home values have returned to where they should be, and mortgage rates are beginning to increase, it is less affordable to own a home than it was over the last ten years.

However, what is not being reported is that it is MORE AFFORDABLE to own a home today than at any other time since 1985 (when data was first collected on this point).

If you take out the years after the crash, affordability today is greater than it has been at almost any time in American history.

This has not been adequately reported which has led to many Americans believing that they cannot currently afford a home.

As an example, the latest edition of Freddie Mac’s Research: Profile of Today’s Renterreveals that 75% of renters now believe it is more affordable to rent than to own their own homes. This percentage is the highest ever recorded. The challenge is that this belief is incorrect. Study after study has proven that in today’s market, it is less expensive to own a home than it is to rent a home in the United States.

Thankfully, some are starting to see this situation and accurately report on it. The National Association of Realtors, in their 2019 Housing Forecast, mentions this concern:

“While the U.S. is experiencing historically normal levels of affordability, potential buyers may be staying out of the market because of perceived problems with affordability.”

Bottom Line

If you are one of the many renters who would like to own their own homes, let’s get together to find out if homeownership is affordable for you right now.

Phone(484) 206-5105

Email[email protected]

Address Alex Maynard, yourHomecierge
Springer Realty Group
300 Willowbrook Lane
Suite 310
West Chester, PA 19382

917 Properties
Page 1 of 77
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3
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2F11/2
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1,640
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2001
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1
Days on Site
PACT487484
MLS
No description available...
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1
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Perfect Location in Downingtown borough! Minutes from main roads, and highways, and seconds from all that the borough has to offer! From Kerr Park, to the Stuble trail, many restaurants, fitness...
$254,900
Subdivision: The Crossings At Ext
3
Beds
2F11/2
Baths
1,400
Sq.Ft.
1988
Year Built
2
Days on Site
PACT483578
MLS
Welcome to this inviting and move in ready 3 bedrooms, 2 full bath with huge walkout finished basement. Main floor features nice size kitchen with all new stainless steel appliances 2018 with eat in...
$299,900
Subdivision: Washington Square
3
Beds
2F11/2
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2,232
Sq.Ft.
2017
Year Built
2
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PACT487178
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Beautifully upgraded end unit townhome in the highly regarded Owen J Roberts School District. Available for quick settlement, this spacious unit boasts a light filled finished walk out lower level...
5
Beds
2F11/2
Baths
2,394
Sq.Ft.
1963
Year Built
2
Days on Site
PACT487362
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Begin here to start the journey to your new home! Touched by tradition and decorated to feel like home, this wonderful West Whiteland home could not be located more conveniently near access roads to...
$414,900
Subdivision: Coldstream Crossing
3
Beds
2F11/2
Baths
2,306
Sq.Ft.
2009
Year Built
2
Days on Site
PACT487324
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Spectacular End Unit Carriage Home in one of the most sought-after active adult communities in Chester County! Natural light flows throughout this meticulous home that offers an open floorplan while...
$234,900
Subdivision: Providence Hill
3
Beds
2F11/2
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2,146
Sq.Ft.
2006
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2
Days on Site
PACT284816
MLS
Lovely and well maintained townhome in Providence Hill. Featuring large living room, Dining area, Kitchen w/breakfast area, gathering room w/gas fireplace and includes a flat screen TV, sliding glass...
$385,000
Subdivision: Paoli Gardens
3
Beds
1F11/2
Baths
1,215
Sq.Ft.
1952
Year Built
2
Days on Site
PACT487452
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Hurry to see this beautiful, 3 bedroom, 1.5 bath, 1,695 square foot, Cape Cod style home located within minutes of the Paoli train station and shopping district. Gleaming hardwoods and sun filled...
$327,500
Subdivision: Chesterbrook/Paddo
3
Beds
2F11/2
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1,570
Sq.Ft.
1983
Year Built
2
Days on Site
PACT486928
MLS
Meticulously maintained, recently updated 3 bed/2.1 bath END unit in Paddock Village of Chesterbrook. All major systems are 2 years young. If you are searching for a turn key, private setting in top...
$265,000
Subdivision: Honey Brook Twp
4
Beds
3
Baths
1,620
Sq.Ft.
1964
Year Built
1
Days on Site
PACT486416
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Move right into this adorable 4 bedroom 3 bath home on gorgeous, level, half acre lot with stunning views of neighboring farmland. Enter the home through the gracious front porch into the large...
$319,900
Subdivision: West Grove
3
Beds
1
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2,260
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1751
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1
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PACT486580
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Come and see country living at it finest! This charming and quaint farmhouse, circa 1751 is 268 years old. The home was built with artisanal craftsmanship no longer available by today's standards....
3
Beds
1
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1,220
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1963
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1
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Great potential in this beautiful home in Owen J Roberts Schools! With only minor cosmetic updates you can have instant equity! Home sits on quiet street with mature trees and a gorgeous in-ground...

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