A lot changes in 7 years, especially in the real estate world. In September of 2017, we published an article detailing how to upgrade from tenant to homeowner. Back then, the journey from being a tenant to becoming a homeowner was relatively straightforward, driven by historically low-interest rates and a more favorable housing market. With a $1,200 monthly budget for a mortgage payment, one could secure a mortgage of about $250,000, making homeownership an achievable dream for many. Fast forward to 2024, and the landscape looks quite different. Rising interest rates, increased living costs, and tighter housing inventory have reshaped the real estate market. Let’s compare the numbers and see how the path to homeownership has evolved. Real Estate in 2017 vs. Affording a House in 2024: A Side-by-Side Comparison Monthly Budget and Affordability
Interest Rates and Mortgage Affordability The most significant change between 2017 and 2024 is the increase in mortgage interest rates. In 2017, the rates were around 4%, allowing buyers to stretch their budgets further and purchase homes at higher prices. In 2024, with rates rising to about 7%, potential homeowners find their purchasing power significantly reduced. This difference translates into a decrease of roughly $90,000 in mortgage affordability for the same monthly payment amount. The Role of Clark Real Estate in Today’s Market Navigating the current real estate market can be challenging for both tenants looking to transition to homeownership and landlords seeking reliable tenants. This is where Clark Real Estate steps in, offering expertise and support to help clients make the best decisions in a shifting market. For Potential Tenants Clark Real Estate understands the complexities of today's market and works closely with tenants to explore all available options. Whether you’re interested in making the leap to homeownership or finding a rental property that aligns with your long-term goals, Clark Real Estate provides tailored guidance on:
For Potential Landlords In a competitive rental market, landlords are looking for ways to maximize their investments while ensuring stable, long-term tenancies. Clark Real Estate supports landlords by:
Adapt and Thrive with Clark Real Estate The real estate market has evolved significantly from 2017 to 2024, with increased interest rates and living costs presenting new challenges for both tenants and landlords. Whether you are a potential homeowner adjusting to the new financial landscape or a landlord seeking to navigate the changing rental market, Clark Real Estate is here to help. By providing comprehensive support, tailored advice, and in-depth market analysis, Clark Real Estate empowers clients to make the best decisions in today’s climate. Reach out to Clark Real Estate today to explore your options and find the perfect property that meets your needs in 2024. |
Clark Real Estate
305 W. Moana Ste C Reno, NV 89509 (775) 828-3355 Reno Property Management
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