Purchasing a home often seems far out of reach for many who finally wish to own their own property. Renting has always been thought of as being a more affordable alterantive than having to come up with a down payment or restoring low credit scores. However, that sentiment seems to be changing.
With mortgage interest rates at record low levels, and more low down payment loan programs availble, buying a home is more in reach for many first time buyers. At the same time, rents continue rise at near record pace. Low rental inventory is the main reason due to previous homeowners that were foreclosed on, or faced with a short sale, now having to rent.
Here's a cool website, RentJungle.com, that will not only show you the trends in Portland's rental market, but for other major cities in our country.
If you have any questions regarding home buying, please feel free to contact me. I'd be honored to assist you!