In the past few years, whether you are a realtor, or mortgage lender, or have bought or rented an apartment or house, we have seen prices go up as well as interest rates which have had a tremendous impact on housing and rent prices. Coupled with a housing shortage in many housing markets across the United States, housing prices remain high. Despite this, a smart consumer could still get a tremendous deal on a home.
According to recent statistics, the average rent for a single-family home in the United States is $2495.00, which is an increase of 13.4 from 2021. Keep in mind that a renter has no tax benefits nor builds any equity or wealth by renting. Those benefits go to the landlord who owns or is renting the property.
However, the average mortgage payment on a single-family home in the United States is $1609 per month, which is a much lower amount than the average rent. Please keep in mind that these figures for both rent and mortgage may be higher or lower depending on where you reside but it at least with homeownership you get tax benefits as well as build equity for the future. Homeownership is not for everyone but it offers many benefits that renting does not such as tax write-offs on the interest paid on a mortgage. I believe that most people would benefit greatly from buying a home versus renting.
The Heroes Housing program is designed to help America’s truest heroes purchase a home and defray some of the costs of purchasing a home. Our program is designed for the following people:
Active or Retired:
Military/Veterans
First Responders (EMTs, Police, Firefighters, etc)
Health Care Professionals
Teachers
If you are one in one of the occupations listed above or know someone that is, please give us a call. We can offer assistance with down payments, appraisal and inspection fees, and closing costs.