21.3 million U.S renters spend 30% of their income on rent
Rent in the US
Practically, half of the U.S renters are burdened by the costs, a new survey
has revealed. This comes against a backdrop of a 0.1 percent drop in rent in the US in September. As it turns out, the rent prices are up once more, and 49.5 percent of the renters, down from 49.7 in 2016, are bearing the brunt of high housing costs.
Despite this decrease, half of all U.S. renters still spend higher than recommended amounts of money on rent. Similarly, in every four American renters spends half of their total income on rent!
Increases in rent in the US
While every year has a rent increase of 1.1 percent, more than half the 100 metros recorded higher rent prices last month, further pushing renters to the wall. Orlando, for example, has seen a 4.4 percent rent increase in the last 12 months.
Las Vegas came second with a 3.6 percent increase while the other cities which recorded an upsurge in rent prices are Texas, Corpus Christi, and Tennessee. The others who recorded a 3 percent increase are Arizona and California.
Secure yourself a mortgage instead of rent in the US
Rent prices are not coming down any time soon. For this reason, getting a mortgage is sure to give you the ultimate peace of mind. You barely have any reason to continue with the cycle of rent burdens to the grave.
Las Vegas, Nevada, presents a haven for homebuyers at this point in time. For a city famed for its hyped life and high-end malls and hotels, getting a home here would offer limitless opportunities both for you and family.
Nevada also has some of the best neighborhoos to live.
The City of Henderson
Only 15 minutes from Las Vegas, The City of Henderson cut the image of one of the best places to live in America. Henderson also prides itself in being one of the safest places to live in, courtesy of its low crime rate. According to Forbes, Henderson is the second safest city in America. The serenity of the neighborhoods will blow you away.
The northern area of Las Vegas is ideal for settling down with your family. It has more of neighborhood spaces than commercial zones. You are assured of tranquility and safety all year round in Southern Las Vegas. Similarly, this area offers you affordable mortgages rates that give you flexible payment plans within flexible timeframes.
To the Western part of Las Vegas, Summerlin is a neighborhood that gives you an opportunity to live in a gated home. It also has a 24-hour security patrol along its edges and alleys. But this should not be confused for seclusion. In fact, the neighbors happen to know each other and regularly check on one another. Summerlin boasts some of the best eateries and social amenities that are a great fit for kids, teens, and adults. It is also a great place to live, work and play.
Mortgages in Nevada
In Nevada, purchasing a home happens to be a fairly transparent matter. Sellers reveal to the buyer any defects in the house before the purchase by using the Seller's Real Property Disclosure. Also known as the SRPD. Out of an abundance of caution, however, you may want to involve professional inspection people. Most generally tend to do so.
If you do not want to be one of the U.S renters that spend one-third of their income on rent you will be happy to hear that Nevada offers Down Payment Assistance
. Conventional and FHA both offer this. These are 30yr loans. In addition, the loan installments do not increase during the entire period.
Nevada ARM loan Rates
Unlike the 30-year fixed mortgage
above, the Adjustable Rates Mortgages have interests that increase over the years. In its terms, these loans stipulate the amount of time for the low installments, after which it can shoot and increase annually.
While ARM’s average rate is 4 percent, it is equally critical to determine the highest interest rates that a mortgage can charge. This knowledge allows you to make more informed choices on the type of mortgage facility or the choice of home.
As many rent payers across America are struggling with unaffordable rents, the most rational decision is to become a full homeowner so as to escape these stressing situations in the future. Nevada offers a wide range of opportunities where you could buy or build a home and thrive!