To rent, or to buy? An age-old question and one that should not be taken lightly. Though there are a lot of things to consider when making this big decision, it all comes down to doing the math. After all, something that takes up such a huge chunk of your monthly income deserves some careful consideration. Here are a few things to consider when deciding to rent or buy around the Queen City.
It seems like apartments are popping up around every corner in Charlotte. Everywhere you look, there’s a new complex or apartment building. Many people make the mistake in thinking that renting an apartment is the easy, cheap way to live. However, especially in Charlotte, as the population continues to increase, so does rent.
Charlotte was named the 11th fastest growing city with a 14% increase in population since 2010. That’s why it’s no surprise that rent is climbing, especially in booming neighborhoods, such as South End and Uptown. According to Apartments.com, the average rent is close to $2000 for a two bedroom apartment in South End. That’s a lot of cash!
Additionally, the Charlotte Observer recently reported that rent in Charlotte is going up faster than the national average. According to Apartments List, average rents increased 4.3 percent in Charlotte in June 2017, compared to the same month a year ago which is well above the national average increase of 2.9 percent.
As Charlotte continues to grow, now is a great time to invest! Mortgage rates are incredibly low, with monthly payments coming in sometimes more than half of rental rates. That cost can be even lower if you’re looking in neighborhoods in the surrounding Charlotte cities.
The benefits of owning a house are more than just cost efficient. You’re paying much less money for much more space and you’re putting money into something that is all your own. So, if you’re tired of watching your rent go up and the numbers in your bank account go down, give us a call.