Rate Hikes Put the Squeeze on Renters, Too

Post Author: Joshua Hanoud
Tropic Shores Realty
Josh's Website: http://www.HernandoLuxuryHomes.com
Post Date: July 12, 2006
Filed Under: General Real Estate, Lending, RE News | Have a Question or Comment?

WASHINGTON — July 12, 2006 — Homeowners are not the only ones feeling the pinch from rising interest rates. A majority of renters, 61 percent, say that rising rates — which impact all sorts of loans including credit card debt — will create problems for them.

 

That’s according to a recent survey conducted by Roper Public Affairs for True Credit.com, a credit education Web site owned by credit reporting agency TransUnion.

 

Additionally, according to a recent National Association of Realtors® (NAR) study, 68 percent of Americans, 7 percent more than last year, believe that having enough money to pay rent every month is difficult for families in their community.

Regarding a potential home purchase, 78 percent of renters surveyed by TrueCredit.com say rising rates will make it difficult for them to buy in the near future. However, according to NAR’s most recent Housing Opportunity survey, only 14 percent of Americans said rising mortgage interest rates would be an obstacle to homeownership.

 

Particularly challenging for first-time buyers in many income brackets is finding a home they can afford. Affordability pressures are now spreading as median house prices in a growing number of large metros exceed median household income, concludes The Joint Center for Housing Studies of Harvard University in the “2006 State of the Nation’s Housing.”

 

Additionally, more than one-third of Americans, according to NAR’s Housing Opportunity survey, worry that the cost of housing is so unaffordable that they’ll never be able to buy and home, and more than 58 percent are concerned that the cost of a home is becoming so unaffordable that it’s hurting their local economy.

***As always, the latest in Real Estate News as it pertains to Spring Hill Real Estate, Brooksville Real Estate, Weeki Wachee Real Estate, Hernando Beach North Real Estate, Hernando Beach South Real Estate, and Hudson Beach Real Estate. – Brought to you by Hernando Luxury Homes, Your Luxury Real Estate Leader in Hernando County, Florida and Pasco County, Florida.

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Post Author: Joshua Hanoud
Tropic Shores Realty
Josh's Website: http://www.HernandoLuxuryHomes.com
Post Date: July 12, 2006
Filed Under: General Real Estate, Lending, RE News | Have a Question or Comment?
About the Author
Josh Hanoud is the #1 Top Producing Agent at Tropic Shores Realty in Spring Hill, FL and in the top 3% of all real estate agents in Hernando County, Florida (2007). He also happens to be the founder of the Hernando Luxury Homes website which aims to showcase the best properties that Hernando County and the surrounding Nature Coast has to offer. Whether buying, selling, relocating, or investing - Josh is proud to offer a higher level of service. Contact him today at 352-397-5182 or Josh@HernandoLuxuryHomes.com to see what he can do for you.

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