More couples are saving cash by opting to rent rather than buy. The American dream of walking down the wedding aisle and buying the perfect home is becoming a thing of the past. According to Zillow.com, apartment vacancy rates have fallen from 8% in 2009 to just 5.6% at the end of 2011.
Jay and Jessica Masanotti have been married for 5 years. During their first year of marriage they bought a house South Carolina in hopes of following the traditional American Dream, “You get married, buy a house, have kids, that’s the American dream; buying a house was the next step."
They figured the home would be a good investment, but now admit that they didn’t know what they were getting into.
New jobs in the Charlotte area put that newlywed home in an unsettling market. No matter what happens going forward, they will lose money on the house, "We bought it in 2 days and in 6 months, and we got nothing. It’s a great house but we will have to take a hit just to sell it and just to get it out from under us so we don't have that financial burden any longer."
If young couples are thinking about buying a house that they need to be prepared to make a long-term commitment. If buyers cannot commit to settling down in the area they are looking to buy, you’re better off renting. Renting offers flexibility and freedom to walk away and you can call someone else if something breaks or goes wrong.
The Charlotte area is seeing a big uptick in people renting. Rentals is this economic climate offer some big opportunity, “Renting is a way to have what you want right now without having to wait until you can afford it."
For Jessica and Jay, their rental in the Charlotte area has done just that, “It afforded us an opportunity to live in an area where we could never afford to purchase a house."
For more information on renting an apartment in Mooresville, NC or the Charlotte area, contact Abberly Green.
Original article – Fox Charlotte