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Marcus Hiles Notes Perks Of Rental Lifestyle

Thanks to a collection of changing economic factors, mortgage rates have risen roughly half a percentage point and hit a 16-month high, ”adding hundreds, sometimes thousands, of dollars to a home buyer’s yearly payments,” contributors Patricia Cohen and Conor Dougherty noted in the New York Times. They also concluded that, “The speed and size of the increase took many lenders and borrowers by surprise, and the increase is expected to reverberate across the housing industry, particularly if rates continue to rise next year.” Marcus Hiles maintains that renting is a viable option for those not wanting to undertake the rising costs of home ownership, as such high rates can make it harder for prospective buyers to incorporate the monthly payment into their budget. Additional expenditures resulting from any unforeseen repairs, maintenance, and renovations threaten to add further burdens to the home owner’s finances. While the total cost of an annual lease agreement may be a bit higher than the average year’s mortgage payments, the overall financial burden is significantly reduced when renting, as noted by the U.S. Bureau of Labor Statistics.

Read more: http://finance.yahoo.com/news/marcus-hiles-examines-25-increase-041700742.html