In a recent gobankingrates.com article, the average monthly rent in Pennsylvania is $1,395/month and the average monthly mortgage in Pennsylvania is $934/month this is taking into account the median list price of 179,900 in Pennsylvania.
In fact, 66% of the counties nationwide list buying a home as more affordable than renting.
What does this mean to you as Lehigh Valley Home Buyer?
If you are in the market to move, renting may not be your best option. There are government programs available to Lehigh Valley First Time Homebuyers with as little as $1,000 out of pocket. Yes you can potentially purchase a home with less out of pocket than your first month rent and security deposit.
This all sounds great but there are many other benefits to owning a home. The mortgage payments you make are like saving for the future since your payments build equity in your home and you eventually will own your home with no debt against it.
Check with your accountant but there are tax benefits to owning a home that most Americans qualify for, like the Home Mortgage Interest Deduction.
The housing market is currently this way but interest rates cannot stay this low forever and as they begin to increase, the payments will follow increasing your monthly cost to owning a home.
Interested in finding out what you can afford? Contact Omar Nassar at Trident Mortgage.
For all of your Lehigh Valley Real Estate information, visit www.lehighvalleyhomesonline.com.