Home Affordability Plunges in 2nd Quarter

More news was published from the housing market that shows yet another reason why it’s better to rent. In the second quarter of this year, home affordability plunged to shockingly low rates. In the first quarter of 2013, 73.7 percent of homes sold were considered affordable with the national median income of $64,400. In the second quarter, that rate dropped to just 69.3 percent. This is the first time since 2008 that home affordability has fallen below 70. While the percentage difference doesn’t seem too significant, it represents thousands of people who can no longer afford homes.

According to CNN Money, the fall in affordability is most likely due to “stagnant incomes, higher home prices, and climbing mortgage rates”. Even though increasing home prices mean the economy is improving, for the average person, buying a home just isn’t a smart or financially responsible move. So, what’s the better option? Renting, of course!

Arcadia Run offers a better living alternative for families and young professionals alike. Renting means that tenants can avoid the rising home prices and mortgage rates that are currently plaguing the housing market. Compared to mortgage payments, renting is much more affordable. Additionally, renters don’t need to deal with the time and hassle that’s put into maintaining a house – Arcadia Run takes care of that for you!

Our buildings are brand new and have the best features you’ll find in any apartment. Each unit has granite countertops, 9-foot ceilings, and extended windows. Residents are comfortably close to downtown historic Manassas, something that would not be feasible if they were to buy a house. There are also wonderful amenities available to all renters that include a pool (coming 2014), ball courts, a fitness center, a playground, and a jogging trail.

The renting industry is seeing a great boost this year from more and more people choosing to rent over buying a house. This has an amazing impact on the industry as a whole, bringing in more renters and revenue, and ultimately making apartment living more enjoyable. Instead of taking the many financial risks that come with buying a house, make a smarter investment and choose Arcadia Run.