I think it’s safe to say most Americans are feeling the effects of inflation. Costs of food, medical services and entertainment seem to be creeping up along with interest rates. I read today the price is gas is dropping so at least there is a happy surprise at the pump.
I rent an apartment in Travis County I use as an office, a storage unit, and a crash pad for kids attending Austin City Limits … the offer to sign a new one-year lease came with a steep price increase: nearly 20% on a monthly basis! If I decide to go month-to-month, the convenience will cost me almost FIFTY PERCENT more per month than what I am paying now.
According to the Bank of America Institute, roughly 34% of American households are renters. There is more information here. Factoring in costs of shelter, food, healthcare and other necessities, it feels like even Texas is becoming an expensive place to live. Don’t get me started on the influx of people from California! I love many of them … but they seem to be making I-35 more nightmarish daily.
The article from Yahoo! Money (link above) does discuss circumstances when it’s advantageous to rent … but even with higher interest rates, purchasing a home makes sense when you need at least one cost to be fixed! My neighbors and I shop our homeowners insurance and protest our property taxes … who can say if the upcoming election will bring any relief here in the Lone Star State? Please let me know when you are ready to consider home ownership.