Interest rates are historically low, so it's no surprise that mortgages are more affordable now compared to 20-30 years ago. My parents bought their Bowie home in 1983 with a 17% interest rate!
A new Zillow report just found that DC area renters spend $8,313 more annually on housing than they did historically. Renters in the DC area pay 26.1 percent of their monthly income towards rent, 8.5 percent more than they would have spent in 1985-2000. Conversely, the new report concludes that U.S. homeowners pay $3,300 less in mortgage costs annually than they did in 1985-2000. Check out the study and #StopRenting #StartOwning