Divorcing on The Main Line: To rent or to Buy, sounds exhausting to think about, I know.
So you are divorcing on The Main Line and are looking for a rental short term, stop right there. Rental prices are so unpredictable right now with inflation, home owning is the most responsible and affordable choice. Hi, I am Kimmy Rolph and I specialize in assisting divorced and divorcing couples with their real estate needs. Maybe you just sold the house and are fatigued with the trauma associated with dividing assets, that does not mean you should rent over buying, especially if you have liquid assets. Let me show you why owning is more affordable than renting, not only on The Main Line, but in the rest of the country.
Lots of buyers pressed pause on buying plans this year, because of home price increases, but the mortgage rates are only going up, and rents are rising. According to a report from ATTOM Data, owning a home is more affordable than renting in the majority of the country. It continues that Owning a median-priced home is more affordable than the average rent on a three-bedroom property in 666, or 58 percent, of the 1,154 U.S. counties analyzed for the report. That means major home ownership expenses consume a smaller portion of average local wages than renting.”
Further, Molly Boesel, Principal Economist at CoreLogic hypothesized that “Single-family rent growth hit its sixth consecutive record high. . . . Annual rent growth . . . was more than three times that of a year earlier. Rent growth should continue to be robust in the near term, especially as the labor market continues to improve.”
Rents are increasing as much as 9-12% and it is nowhere near stabilzed. On the other hand, when you buy a home, your monthly mortgage payment does not change. Your housing costs will remain the same and over time you are also building equity. It might feel like you would like less responsibility and the last thing in the world you want after going through a divorce is more commitment, but do not make the mistake of renting in this market. If you are divorcing and need assistance and a neutral third party to assist in your real estate division of assets, please do not hesitate to reach out. I specialize in these types of sales. Kimmy Rolph Sells The Main Line and Local Areas.
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