Increasingly consumers are recognizing that at any rate for right now they're a great deal better off in financial terms renting than buying. That is without doubt a departure from the past when most consumers realized that the perfect monetary solution would be to buy as opposed to rent guaranteeing that their money would go into creating equity in a home.
In the present day that is no longer the case, however. Although rents have continued to go up in many areas, consumers are still noticing they're typically able to rent for much less money than what they'd pay for a recurring mortgage payment on a similar property. In some cases, renters can save between 40% and 50% by renting as opposed to purchasing.
One of the reasons for this is that in some areas, property values rose pretty steeply. Right now, buyers who snatched up these houses without blinking have realized they must now sell. The problem? They must sell the houses at the price ranges at which they purchased them two years in the past to recoup the sum they must pay back on the mortgage. Renters just aren't keen to pay a higher price than a house is worth.
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