David Deem 714-997-3486 Dave@DeemTeam.com As a renter, you’re constantly faced with the same dilemma: keep renting for another year or purchase a home? Your answer depends on your current situation and future plans, but there are a number of benefits to homeownership every renter needs to consider. Here are a few things you should think about before you settle on renting for another year. 1. Rents Are Rising Quickly Rent increasing each year isn’t new. Looking back at  Census  data confirms rental prices have gone up consistently for decades  (see graph below): If you’re a renter, you’re faced with payments that continue to climb each year.  Realtor.com  recently shared the  September Rental Report , and it shows price increases accelerating from August to September  (see graph below) : As the graph shows, rents are still on the rise. It’s important to keep this in mind when the time comes for you to sign a new lease, as...

  David Deem 714-997-3486 Dave@DeemTeam.com According to recent data from  realtor.com , median  rental prices have reached their highest point ever recorded  in many areas across the country. The  report  found rents rose by  8.1%  from the same time last year. As it notes: “ Beyond simply recovering to pre-pandemic levels, rents across the country are surging.  Typically, rents fluctuate less than 1% from month to month. In May and June, rents increased by 3.0% and 3.2% from each month to the next.” If you’re a renter concerned about rising prices,  now may be the time to consider purchasing a home . Monthly Rents Are Higher Than Monthly Mortgage Payments When you weigh your options of whether to buy a home or continue renting, how much you’ll pay each month is likely top of mind. According to the  National Association of Realtors  (NAR) ,  monthly  mortgage payments  are rising,  but they’re still signifi...

David Deem 714-997-3486 Dave@DeemTeam.com According to the  U.S.   Census Bureau,   median rent  continues to rise. With today’s  low mortgage rates , there’s great opportunity for current renters to make a move into homeownership that stretches each dollar a little bit further. While the best timeline to buy a home is different for everyone, the question remains:  Should I continue renting or is it time for me to buy?  The answer depends on your current situation and your future plans, so here are some thoughts to help you decide if you’re ready to own a home of your own. 1. Rent Will Continue to Increase This is one of the top reasons why renters decide to move because in most cases, rent will continue increasing each year. As noted above, the  U.S.   Census Bureau  recently released its quarterly homeownership  report , and as the graph below shows, median rent is climbing year after year. When you own a home, you’ll lock in your...

 David Deem 714-997-3486 Dave@DeemTeam.com We all want to live more comfortably, especially as rent prices continue to increase. Here are a few suggestions for renters: Make a list of needs vs. wants and choose a neighborhood and property based on needs first.  Allow yourself a stable financial foundation to work from with the knowledge that creature comforts come in many forms and can be added to your life as your budget allows. Look for levers.  If your neighborhood and property allow you easy access to public transportation, then you know you’ll have a key cost-saving measure available if you need it. Similarly, if your property has an on-site gym or your desired apartment has ample storage space, you know you won’t need to budget for those expenses. The balance of amenities that you’re able to establish will allow you choices about how to spend your money, beyond rent. Do your homework.  Research what’s on the market before and during your search, ...

David Deem 714-997-3486 Dave@DeemTeam.com By Jameson Doris Unless you live in a studio apartment, chances are your rent increased last year. Over the past year, apartment rents increased nationwide, according to Apartment Guide's 2020 Rent Report. Rent prices increased for one-bedroom (3 percent), two-bedroom (1.7 percent) and three-bedroom apartments (1.2 percent) at a higher rate in 2019 than in 2018. For studios, there was virtually no change, with less than a 1 percent increase year-over-year. "Affordability remains a major concern for apartment renters across the country," says Ryan Davis, chief product and marketing officer, Business for Apartment Guide's parent company, RentPath. These are the 10 states that saw the greatest increase in average one-bedroom apartment prices last year: Alternatively, there were three states that saw an overall decrease in rent prices in the double digits. They were: Arkansas (-13 percent), Iowa (-11.9 percent) ...

David Deem 714-997-3486 Dave@DeemTeam.com Commentary by Desirée Patno It's difficult for low-income renters throughout the country to afford a modest one- or two-bedroom rental home, according to findings from the National Low Income Housing Coalition's (NLIHC) Out of Reach 2019 report. The national housing wage, or the hourly pay rate a worker would need to afford a rental home, is $22.96 for an average two-bedroom rental home and $18.65 for a one-bedroom. The federal minimum wage is $7.25 per hour, which means that a worker earning minimum wage would need to work 127 hours per week, which would equate to having three full-time jobs, in order to afford a two-bedroom rental home. To afford a one-bedroom rental home, a minimum-wage worker would need to work 103 hours per week. There are currently only 4 million rental homes that are affordable and available to the nation's 11 million extremely low-income renter households below the poverty rate, leaving a sh...

David Deem 714-997-3486 Dave@DeemTeam.com According to CoreLogic's April 2019 Single-Family Rent Index (SFRI), rents are up 3 percent year-over-year. "Slowing price appreciation started to take hold of the home sales market a year ago…but, that's not the case for the single-family rental market, which has seen steady rent increases," says Molly Boesel, principal economist at CoreLogic. "While the housing market is cooling, home prices remain high in some of the nation's top metros. This may be contributing to the growing rental demand, as many potential buyers are being priced out of the market." www.DeemTeam.com DRE#01266522

David Deem 714-997-3486 By Suzanne De Vita According to the August Zillow® Real Estate Market Report, home prices and rents slowed as summer wound down, with prices up 6.5 percent year-over-year—a departure from 8.2 percent this spring—and rents unchanged. Based on the Zillow Home Value Index and the Zillow Rent Index, the median price is $216,700, and the median rent is $1,440. In August 2017, home prices were rising 7.4 percent, according to Zillow. On the rental side, appreciation has not exceeded 3 percent for more than two years. "Earlier this year, the housing market was a story of diverging paths, with rents steadily cooling and home values picking up speed," says Aaron Terrazas, senior economist at Zillow. "Normally rents and home values are tied together, but strong apartment construction and a surge of young homebuyers contributed to this historical anomaly. "As summer turns to fall, the more typical pattern is reemerging, as rents and home...

714-997-3486 U.S. housing markets, when viewed as a whole, are now in rent territory, meaning renting and reinvesting, on average, will outperform owning and building equity in terms of wealth creation, according to the latest national index produced by Florida Atlantic University and Florida International University faculty. The last time U.S. markets as a whole crossed from ownership territory into rent territory was in June 1999. In January 2010, U.S. housing markets crossed back into ownership territory and have remained there until now. U.S. homeowners have, on average, outperformed renting and reinvesting in terms of wealth creation ever since. Currently, 16 of the 23 cities covered in the Beracha, Hardin & Johnson Buy vs. Rent (BH&J) Index are in rent territory. Those cities include Atlanta, Dallas, Denver, Honolulu, Houston, Kansas City, Los Angeles, Miami, Minneapolis, Philadelphia, Pittsburgh, Portland, San Diego, San Francisco, Seattle and St. Louis, all of...

The average rent for an apartment in Orange is $1,979, a 3% increase compared to the previous year, when the average rent was $1,912. Studio apartments in Orange rent for $1,669 a month, while 1-bedroom apartments ask on average $1,797 a month; the average rent for a 2-bedroom apartment is $2,110. Average Rent in Orange, CA  Last updated Jul 2018 All rentals Studio 1 Bed 2 Beds 3 Beds Average Rent $1,979 $1,669 $1,797 $2,110 $2,568 Y-o-Y Change 3% 5% 4% 3% 3% Average Apartment Size 921 sq. ft. 502 sq. ft. 711 sq. ft. 1,037 sq. ft. 1,352 sq. ft. The average size for a Orange apartment is 921 square feet, but this number varies greatly depending on apartment type. A studio averages 502 sq. ft., while a one-bedroom apartment offers a more generous square footage: 711. 2-bedroom apartments in Orange have an average size of 1,037 sq. ft. Information provided by  Rent CAFE