NOVA Homes Blog: Homeownership in Northern Virginia, DC Still More Affordable Than Renting

Tuesday, February 2, 2016

Homeownership in Northern Virginia, DC Still More Affordable Than Renting

There is no doubt that homeownership in Northern Virginia and DC provides more benefits than renting, but given the latest news about rising costs, it is even more apparent. Experts predict rents will surpass inflation in 2016, rising three to five percent across the country.

A high demand for renting in past years has driven up costs and as a result, nearly half of all renters cannot afford to make the monthly payment.

How is this so? Experts recommend that renters keep housing costs limited to no more than thirty percent of their monthly income. However, Harvard's Joint Center for Housing Studies reported the number of renters who now spend more than this amount rose to just over 21 million last year.

Rents are increasing faster than wages and, as I mentioned above, are expected to rise above inflation this year. Homeownership is proving once more to be the more affordable option, thus prompting current renters to jump into the real estate market as first-time homebuyers.

What's more, mortgage rates are still dropping. The rate for a 30-year-fixed-rate mortgage is averaging 3.7 percent, while the rate for a 15-year-fixed-rate mortgage remains at just over 3 percent. Homebuyers in the Northern Virginia and DC area may be able to purchase a home for less than the cost of their rent payment!

And while lower inventory may tend to push housing prices higher, it is the low mortgage rates that signal an opportune time for first-time homebuyers to find their ideal property.

If you are ready to purchase a home in NoVA, do not hesitate to contact me! I have decades of experience in assisting buyers and together, we can find the best home that meets your needs and budget before the busy spring season arrives!

I happily serve the areas of Alexandria, Annandale, Arlington, Burke, Centreville, Chantilly, Clifton, Fairfax City, Falls Church, Great Falls, Herndon, Lake Ridge, McLean, Mount Vernon, Reston, Rosslyn, Springfield, Tyson’s Corner and Vienna.

Earle Whitmore

Long & Foster Real Estate, Inc.
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When you first meet Earle, she greets you with a firm handshake and a broad smile. She has a certain charm and friendly nature that immediately set you at ease. As you talk to her, she listens intently. You can see by the earnest look on her face that she’s already developing ideas and strategies to accomplish your goals. By the end of your conversation, you’re surprised that someone can have such a clear understanding of your needs after just one meeting. This is the essence of Earle’s real estate service. She’s a straightforward businesswoman who doesn’t let up until her clients are satisfied.
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Northern Virginia is a thriving area consisting of several communities that thrive with historical and cultural richness as well as physical beauty.
With all that the Northern Virginia area offers, there’s never a shortage of things to do, natural beauty and great schools. From the ocean to the mountains to the nation’s capital, this is a part of the country that has it all!
Earle has assembled some helpful resources to help you with finding your new home. From her comprehensive list of Local Links, her Home Style Guide, or hands on personal help, described below, you know you can count on Earle.