Those living in Delaware and many other parts of the country may find it less expensive to rent a property than to own one. According to a report from Realtor.com, the cost to buy a home increased 14 percent between July 2017 and July 2018. The cost includes taxes and insurance as well the mortgage payment itself. The cost to rent a home increased by only 4 percent during that time period.
The rising cost of owning a home could price some out of the market even if they can afford a large down payment. Overall, the rate of homeownership in the United States is 64 percent. In areas where renting is less expensive than owning a home, that number ranges from 23 to 59 percent. Owning a home is considered to be important as it allows owners to build wealth for themselves and their families.
Those who follow the housing market still say that there are opportunities to buy homes and start building wealth despite current prices. However, it is believed that the current housing market will shift toward a buyers market by 2020. Data from Zillow also found that homes price appreciation has already started to slow in about two-thirds of the largest markets in the United States.
Choosing whether to buy or rent a residential property depends on many factors such as market conditions and a person’s financial situation. Those who choose to buy a home may benefit from speaking with a lawyer prior to closing. Legal counsel could help clear potential zoning or title issues prior to the deal becoming official. If necessary, an attorney may work with a seller’s representatives to work out any issues that arise during a real estate transaction.