you own or rent, you will have a monthly housing expense. The question
is how that expense will change in the future. When you purchase a home,
for the most part, you lock-in that monthly housing expense for the
length of the mortgage you take (15 or 30 years for example). When you
rent a home, your housing expense is impacted by movements in the supply
and demand for rental properties.
Historically, residential rental
rates increase by 3.2% on an annual basis. However, in the current
housing environment, there is an increasing demand for residential
rental properties. This increase in demand has dramatically impacted
rates. Zillow, in their most recent report,
revealed that rental rates in the U.S. increased by 4.5% over the last
twelve months. Other studies have projected rental rate increases of
4-5% over the next few years.
The only way to have control of your housing expense is to buy.
But Isnâ€™t Buying Much More Expensive Than Renting?
Â Not right now! As a
matter of fact, with prices down and mortgage rates at historic lows, it
is LESS EXPENSIVE to buy than rent in most areas. In a recent report, Trulia revealed it is cheaper to buy than rent in ALL of Americaâ€™s largest regions.
According to Jed Kolko, Truliaâ€™s Chief Economist:
â€œPeople who didnâ€™t buy a home last
year may have missed the bottom of the market, but they havenâ€™t
completely missed the boat. Buying remains cheaper than renting in all
100 large metros. Even buyers who canâ€™t get todayâ€™s lowest mortgage
rates will still find that buying makes more financial sense than
renting in nearly all local markets.â€
However, Kolko went on to say that this opportunity may soon disappear:
â€œAlthough buying a home is still
cheaper than renting, the gap is closing. In 2013, home prices should
rise faster than rents, and mortgage rates are likely to rise in the
next year as the economy improves. By next year, buying could be more
expensive than renting in some housing markets, even for people with the
Again, the only way to lock-in your
monthly housing expense is to take that decision out of the hands of a
landlord by owning. With both prices and interest rates set to increase,
the best time to buy is right now.
has almost sprung and family fun is at the forefront. The first of
two impressive live family programs is set for Friday, April 5.
Actors will bring the classic American tale of Tom Sawyer and his
friends alive in the intimate small venue of The Centre at Sycamore
Plaza. The Family Fun event offers Lakewood families an affordable
meal and the timeless stories of Mark Twain as performed by â€œWill
and Company.â€ [FULL STORY]
Saturday, April 20, 2013, hundreds of Lakewood residents will fan
out across the city to spruce up the yard or home exterior of
fellow Lakewood residents in need. Volunteer Day has been making a
positive difference in the city every spring for 16 years.
Help locate qualifying sites in Lakewood. They need to be private
homes in Lakewood owned by a Lakewood resident. Recipients can be
seniors or persons of any age who, because of disability or limited
economic means, need some neighborly help to make their yard or
home exterior a little nicer. Work can include gardening, yard
clean-up or minor painting. [FULL STORY]
Lakewood in MarchÂ
â€œThe Jointâ€ chiropractic office opens March 28
adjustments, food and light refreshments will be available on
Thursday, March 28 from 10:00 a.m. to 7:00 p.m. when The Joint holds
its grand opening at 5109 Candlewood Street (at the northeast corner
with Clark Avenue). A ribbon cutting will be held at 5:00 p.m.
Lakewood Sheriff's Community Safety Center, in
cooperation with the American Red Cross, is holding a
blood drive on Friday, March 29, from 12:00 noon to 6:00
p.m. All participating donors will receive two tickets for
an LA Galaxy soccer game ($10 Processing fee per ticket,)
and discounted tickets to the Sesame Street Show at the
Nokia Theatre at L.A. Live. The Lakewood Sheriffâ€™s Community Safety Center is located near Target at 15 Lakewood Center Mall. More...
residents wanting advanced disaster-prep training
will join FEMA-certified instructors and Los
Angeles County Fire Department personnel this month
for three days. â€œCERTâ€ training is an in-depth,
21-hour program and is part of the county-wide Community
Emergency Response Team effort.