How Inflation Affect Homebuyers And The Mortgage Markets
How Inflation Negatively Affect Homebuyers And The Mortgage Markets
🟢 How inflation harms mortgage borrowers attempting to enter the housing market:
Saving for a down payment to buy a house is difficult enough without sky-high inflation. If you are forced to pay more for virtually everything you currently buy, saving money is going to be near impossible. Many borrowers were having trouble with saving for down payment even before the excessive inflation. Investment mogul Warren Buffett has given some tips to prepare for inflation according to a recent article featured on MoneyWise. He urges Americans to increase their earning power by finding a side hustle with their time off work or finding a job with higher pay. He then encourages you to play the stock market as stocks have historically outperformed inflation. This is a way to hedge your money against flying high prices. He also encourages you to invest in precious metals such as gold, which has risen in value by 52% in just the past five years. If you can, bring down your consumer debt.
🟢 How Inflation Affects The Rental Housing Market
Has the rental market been hit with inflation?
Yes, the rental market is also feeling the squeeze of inflation. Bad news for renters. Rents have skyrocketed along with everything else in this country. Newly released data shows an increase in rents has gone up by an average of 10.2% nationwide. Single-family detached homes had a rental increase of
an average of 12.5% compared to September 2020. Certain parts of the country such as Miami have had a rent increase of 25%. According to recent reports from core logic, Miami saw the largest increase in rents followed by Phoenix and Las Vegas. On the bottom line of rental increases, we see cities like
Chicago, Philadelphia, Washington DC, New York City, and Boston. The growth in these cities was under 5%.
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