Renters Shelled Out $441 Billion in 2014 On December 30, 2014, CNBC released a story stating as rents are soaring and the supply of rental housing remains constrained, 2015 could be the tipping point, pushing more renters to home ownership. In 2014, U.S. renters paid a collective $441 billion in rent, up $20.6 billion, or 4.9 percent, from 2013, according to a new report from Zillow. Zillow Chief Economist Stan Humphries said that over the past 14 years, rents have grown twice the pace of income due to weak income growth, burgeoning rental demand and insufficient growth in the supply of rental housing. He went on to say that in 2015 he expects rents to rise even faster than home values.
Fannie Mae recently announced 3% down payment loans and with mortgage rates still very attractive, renting is more expensive than owning in most areas.
Content provided by Kevin Budde with Prime Lending