8 December 2020
BOCA RATON Fla., Dec. 08, 2020– The coronavirus crisis {has|has actually} {led to|resulted in|caused} {a surge|a rise} in joblessness and {economic|financial} {uncertainty|unpredictability}, {but|however} interest in homeownership {across|throughout} the {country|nation} {remains|stays} as strong as it was {before|prior to} the pandemic, according to {the latest|the most recent|the current} {national|nationwide} index by {professors|teachers} at Florida Atlantic and Florida International universities.
The {professors|teachers} {examine|analyze|take a look at} the {entire|whole} U.S. {housing|real estate} market {but|however} {focus on|concentrate on} 23 {key|essential|crucial} {metropolitan areas|cities}, {factoring in|considering} {home|house} {prices|costs|rates}, {rents|leas}, {mortgage|home loan|home mortgage} rates, {investment|financial investment} returns, {property taxes|real estate tax}, {insurance|insurance coverage} and {home|house} {maintenance|upkeep} {costs|expenses}.
{Third|3rd} quarter figures {show|reveal} that, {on average|typically|usually}, it’s {better|much better} to {own and {build|develop|construct}|{build|develop|construct} and own} equity in the {metro|city} {areas|locations} of Chicago, Cincinnati, Cleveland, Detroit, Honolulu and {New York|New York City} {because|since|due to the fact that} the {cost|expense} of {renting|leasing} is {outpacing|surpassing|exceeding|outmatching} the {cost|expense} of owning.
{{But|However} {{renting|leasing} and reinvesting|reinvesting and {renting|leasing}} is the more {attractive|appealing} {option|choice|alternative} in Atlanta, Boston, Dallas, Denver, Houston, Kansas City, Los Angeles, Miami, Milwaukee, Minneapolis, Philadelphia, Pittsburgh, Portland, San Diego, San Francisco, Seattle and St. Louis.|{{Renting|Leasing} and reinvesting|Reinvesting and {renting|leasing}} is the more {attractive|appealing} {option|choice|alternative} in Atlanta, Boston, Dallas, Denver, Houston, Kansas City, Los Angeles, Miami, Milwaukee, Minneapolis, Philadelphia, Pittsburgh, Portland, San Diego, San Francisco, Seattle and St. Louis.} In those {areas|locations}, {home|house} {prices|costs|rates} are {accelerating|speeding up} faster than {rents|leas}.
“Markets that {favored|preferred} {{renting|leasing} and reinvesting|reinvesting and {renting|leasing}} {before|prior to} the pandemic still {favor|prefer} {renting|leasing} now, and the {same|exact same|very same} {is true|holds true} with markets where {buying|purchasing} is the {better|much better} {option|choice|alternative},” {said|stated} Ken H. Johnson, Ph.D., {a real estate|a realty|a property} {economist|economic expert|financial expert} and {professor|teacher} within FAU’s College of {Business|Company|Service|Organization}.”{Given|Provided|Offered} all the {craziness|insaneness|madness} of a pandemic, increasing spread, high {unemployment|joblessness} and other {factors|elements|aspects}, the {demand|need} for {homes|houses} {has|has actually} not {changed|altered} {because|since|due to the fact that} {mortgage|home loan|home mortgage} rates {remain|stay} {so low and {many|numerous|lots of}|{many|numerous|lots of} and so low} young {professionals|experts|specialists} aren’t {afraid|scared} of the {virus|infection}. {For every|For each|For every single} {negative|unfavorable}, there’s {a positive|a favorable} to {help|assist} {balance|stabilize} the {housing|real estate} market. {No one|Nobody} {could|might} have {predicted|anticipated|forecasted} this.”
Still, {{buyers|purchasers} and sellers|sellers and {buyers|purchasers}} {shouldn’t|should not} {count on|rely on|depend on} {home|house} {values|worths} {steadily|progressively|gradually} increasing, the {professors|teachers} {said|stated}. They {expect|anticipate} 15- and 30-year {mortgage|home loan|home mortgage} rates to {rise|increase} {moderately|reasonably} in the coming year, {and that|which} would slow {price|cost|rate} {growth|development}.
“{Potential|Prospective|Possible} {buyers|purchasers} would be {looking at|taking a look at} {higher|greater} {down payments|deposits} and {higher|greater} {monthly|regular monthly|month-to-month} payments relative to {eight|8} months {ago|back|earlier}, when {prices|costs|rates} were {noticeably|significantly|visibly} lower,” {said|stated} Eli Beracha, Ph.D., associate {professor|teacher} in the Hollo School of {Real Estate|Realty|Property} at FIU. {The best|The very best} possibility for the U.S. {housing|real estate} market is {sustained|continual} low {mortgage|home loan|home mortgage} rates and the {successful|effective} rollout of COVID-19 vaccines, {said|stated} William Hardin, Ph.D., {a professor|a teacher} in FIU’s Hollo School.”This {should|ought to|must|need to} {maintain|preserve|keep} {demand|need} for ownership at levels {sufficient|adequate|enough} to {maintain|preserve|keep} {current|present|existing} {prices|costs|rates},”Hardin {said|stated}. Homeownership {traditionally|typically|generally} was {considered|thought about} the far {better|much better} {option|choice|alternative} than {{renting|leasing} and reinvesting|reinvesting and {renting|leasing}} for {building|developing|constructing} wealth, {but|however} the {historic|historical} {housing|real estate} crash from 2006-2011 {changed|altered} that {perception|understanding} for {many|numerous|lots of} Americans. The BH&J {Buy|Purchase} vs. {Rent|Lease} Index, {first|very first} {published|released}
in 2013, {shows|reveals} that even when {home|house} {prices|costs|rates} are {rising|increasing}, {{renting|leasing} and reinvesting|reinvesting and {renting|leasing}} can be {equally|similarly} or more {lucrative|profitable|rewarding|financially rewarding} for disciplined {investors|financiers}. Still, {renters|tenants|occupants} who would not invest {the money|the cash} they would otherwise {have|have actually} {spent on|invested in} ownership are {better|much better} off {buying|purchasing} {a home|a house} {because|since|due to the fact that} it is a self-imposed {savings|cost savings} {plan|strategy}, the {professors|teachers} {said|stated}. Tags: {Press Release|News Release} Source: floridatrend.com