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Week of April 28th-Report: Do Homeowners Fare Better Than Renters?

April 28, 2019

Affordability is a much more pertinent issue for renters than homeowners, according to new research from CoreLogic, a real estate data firm. Since 2005, the monthly cost to rent a single-family home has risen significantly, while the monthly principal-and-interest mortgage payments of homeowners dropped slightly.

CoreLogic’s national rent index jumped 36 percent in December 2018 compared to December 2005. On the other hand, the typical mortgage payment fell 4 percent over that same period.

Researchers say mortgage rates have made a big difference in the change. In December 2005, the 30-year fixed-rate mortgage averaged 6.3 percent. In December 2018, 30-year rates were at a considerably lower average of 4.6 percent. Even though the median sales price in 2005 was only $190,000, compared to $220,305 in 2018, the typical monthly mortgage payment was still lower because of the lower mortgage rates ($941 in 2005 versus $904 in December 2018), researchers note.  Read more.



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