SPRINGFIELD, Mass. (WWLP) – Buying your own home has always been the centerpiece of The American dream. The goal of home ownership is becoming harder to reach according to Zillow’s July real estate report.
Across most of the country, monthly rents are now more expensive than mortgage payments. Renting now takes a bigger bite from your paycheck than home ownership.
Laura Ludwig of Springfield told 22News she and her husband were lucky to buy their home six months ago, “That was the interesting part we wanted to make sure we had the same relative monthly bills. We knew that our monthly rent was 9 hundred dollars. So we were looking for a home that we could buy for 9 hundred dollars.
Using the Boston area as an example, The Zillow report concludes if your family earns $ 74,000 a year, you’d spend 23 percent of that for a home mortgage, but more than thirty percent of your income if you’re renting an apartment.