The cost of renting an apartment is on the rise in Massachusetts. Massachusetts is currently fifth in the nation in rent cost. That is out of 56 states and territories.
As of 2018, the average Fair Market Rent for a 2-bedroom home in Massachusetts was $1,352 per month. The average for a 3 bedroom was $1,707 dollars. A four bedroom would cost you on average $1,893 per month.
2 and 3 bedroom apartments on average in Massachusetts have gone up $300 dollars per month since 2017.
Add it up over the course of a year and that is $3,600 additional dollars renters are throwing away. That is a lot of money to be wasting on a property that will never yield a return.
We always talk about rent being a waste of your money and based on those numbers, it truly is.
Now more than ever, you need to consider buying your own home. Whether it be a condo, a single family home or even a multi family.
If you want to capitalize on your investment, you might want to think about a multi-family you can live in. You are not only living in the home but your profiting from it as well.
So why should you quit renting? Simple. Interest rates are historically low. That is not realtor speak, that is a fact!
Last week, Freddie Mac reported a new record low average for the 30-year fixed rate mortgage: 2.88%.
A lender named United Wholesale Mortgage is touting a loan program that allows borrowers to lock in rates as low as 1.99% for both home purchases and refinances.
That is simply unheard of but not surprising. The real estate market is bustling right now and with improved inventory throughout the country, more and more buyers are jumping into the market.
I have said this to anyone interested in buying. DO NOT WAIT. If you can do it, now is the time. Don’t waste another penny on rent. Invest that money into a home that is yours.