Avoid the Rental Trap in 2023
Abstract
The 2023 Housing Forecast from realtor.com expects rents will keep climbing. That forecast projects rents will increase by 6.3% in the year ahead. If you’re considering renting as an option in 2023, it’s worth weighing whether this trend is likely to continue. The average homeowner gained $34,300 in equity over the last 12 months. Homeowner Equity Insight report from CoreLogic shows the average homeowner in the last year. In fact, the average home owner gained $35,000 in equity. The average homeowner gained $28,000 over the past 12 months for the last six months. As a renter, your rent payment only covers the cost of a house. When you pay your mortgage on a house, you grow your wealth through the forced savings that is your home equity.