It seems the rental shortage problem in Harford County is getting a boost in the arm. Several project are helping expand the "limited apartment market in Harford County." Nearly 372 new rental construction permits were issued so far in 2015 alone.
While there will always be a time and place where renting verses buying fulfills a very legitimate need, renting may not always be the answer. According to the National Association of Realtors the percent share of first-time buyers declined in July for the second consecutive month, falling from 30 percent in June to 28 percent. "The fact that first-time buyers represented a lower share of the market compared to a year ago…is indicative of the challenges many young adults continue to face," says Lawrence Yun, NAR chief economist. "Rising rents and flat wage growth make it difficult for many to save for a down payment"." "Despite the strong growth in sales since this spring, declining affordability could begin to slowly dampen demand,"
Again, there are many reasons why renting may be the sound, economic choice. However, renting until you have the down payment for a home may not be one of them.
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