As rents rise, first time home buying goes down. How can it be?
With increasing cost of renting here and elsewhere, you would think that renters would be flocking to real estate brokers to purchase an affordable home. Susan Wachtel of the Wharton School of Business recently commented that the opposite appears to be true. High rental costs are in fact getting in the way of first time home buying, by eroding savings that are needed for down payments. By contrast, affordable rentals create greater opportunities for future home ownership, when combined with good savings habits, budgeting and creditworthiness.
Piedmont Housing Alliance can help you put the whole package together. As our development team puts together plans to build affordable rentals, our counselors can help you learn to budget, build good credit or improve shaky credit, and establish savings habits that will put you in the running for home ownership. And we can assist income eligible home owners with down payment assistance. Put these together, and you will be amazed at the results. We’re here to help.