Charleston Military Families: To Rent or Buy… That is the Question

Renting in the Charleston AFB Market

In a growing number of regions, homeownership is already less expensive than renting. And, it looks like rents are headed even higher. The WSJ, in an article on their online resource Market Watch, titled Double Digit Rent Hikes Are on the Way reported:

Apartment dwellers could be facing double-digit rent increases in the coming years as a shortage of new multifamily units coupled with a rise in prime renter-age households gives landlords clout they haven’t see since the mid-1990s.

“Demand pressures are building. It’s not bad today because rents have been down the last two years,” said William McLaughlin, an executive vice president with Avalon Bay Communities.
“But it feels a lot like 1992, when we were coming out of a deep recession … and we ended up seeing double-digit rent increases after that,” he said.

…Already there are signs the apartment market is tightening and in some cities rents are already going up 7% or 8% per year.


Does it make sense to rent in Charleston, knowing you could be facing a dramatic increase in cost over the next several years?

Buying                                                                                          

Although prices are falling in the Charleston AFB area, interest rates are on the rise and that can have a huge impact on your cost. The monthly mortgage payment (COST) you can negotiate today may be the lowest it will ever be in your lifetime.

John Paulson, one of the smartest housing analysts in the country, recently made it a point to say that if you don’t own a home – BUY ONE! Stan Humphries, chief economist of Zillow, explains that Paulson is talking about COST NOT PRICE.

Paulson is not just betting on house prices, but also on the ability to lock in low financing now with the expectation that it will be easier to pay it back in the future because of inflation.

Bottom Line

If Charleston military families want to make the best financial decision regarding housing…..now just may be the time to buy a home!  Contact Military Homes of Charleston today!

Torri Jacobsen, Military Homes of Charleston

            

Buying or selling a home doesn’t have to be hard, but choosing the right Realtor DOES make a difference. I specialize in making first-time home buying a great experience for military families moving to the Charleston, SC area. Call or email today, and let’s make this your best move yet! You’ll feel right at home with me.

*Information provided by KCM Group*