Warning: Undefined variable $custom_content in /home4/comcompare/public_html/mortgagenews/wp-content/plugins/code-snippets/php/snippet-ops.php(582) : eval()'d code on line 10
The newest report from Redfin shows that the latest reported rise in mortgage payments marks the eighth consecutive month of development in median mortgage payments for new homebuyers.
Even with median mortgage payments growing at a speedy rate, rental price increases surpass mortgage payments for new homebuyers in 26 of the 50 biggest metro areas in the US during September.
“Some of the biggest increase is being seen by Florida in rents thanks to migration from remote workers who earlier lived in cities like New York or San Francisco,” said Redfin chief economist Daryl Fairweather.
“Due to people from out of town typically rent before buying, this migration is probably driving a bigger spike in demand for rentals compared to homes for sale.
Florida also has some of the maximum climate risks in the country from sea-level rise, storms, and heat.
So renting may be typically attractive to residents who don’t want to make a long-term bet on the Florida housing market.”
According to the report, only one metro area saw a decline in rent in Sept. compared to the previous year. Rents fell 1% in Pittsburgh, PA. Rents were planes from a year ago in St. Louis, MO.
Reference Source: National Mortgage Professional
