Shortage in homes is a new part of our urban reality. There’s a looming housing crisis in Arizona due to low home inventory and an increase in the price of homes. In fact, according to National Low Income Housing Coalition’s (NLIHC) Gap report, Phoenix has the fourth-worst affordable housing shortage in the country for households with extremely low incomes. The report concluded that Arizona has 26 affordable and available rental units for every 100 extremely low-income households. With this concerning information, families and individuals looking for affordable housing are left with minimal options. Although this is not implying that owning a house is out of reach, definitely not; the purpose of this discourse is to highlight how renting a house can be a more beneficial option.
How renting solves the problem of shortage in homes
In actual fact, The US has been facing a housing shortage over the past few years; the economic consequences of the coronavirus have made it worse as those who lost their jobs had defaulted on rent. The renting Option is growing drastically, and here are a few considerations on why it’s growing:
- Home Ownership might cost more: The related expenses of homeownership might make renting a home a cheaper option. Apart from the social status that is owning a home brings, owning a Home might mean you are paying through the nose on the mortgage. I think the concept of homeownership stems from the American dream and is part of a cultural mindset.
- Renting might cost less over time: If you don’t intend to live in a house for a long period of time, then you might want to explore the rent option. It is important for you to assess the cost of owning a home in relation to the benefits you will be getting.
- Decrease in Value: We often paint owning a home as a way of building wealth, but this could prove detrimental if we do not put the property to adequate use. There are a number of variables outside your control that might make your home lose value; a major employer might be closing operations in that area, causing a shift in the market dynamics. Nobody really has a hold of these things.
- Helps you maximize the use of the property: If you are a property owner already and you want to maintain the integrity of your property, a good idea might be to let it out. You can use it for short-term rentals like an Airbnb or a long-term rental like a year’s lease. As a homeowner, you can make a fair income on the side by listing your house as a vacation spot of sorts; you can add a story to make it more appealing.
- EZ Max Offer: It’s always a good option to have a real estate solutions agency like EZ max Offer in your corner. They have simplified the process of selling your house and getting you an offer within the shortest possible time. They also handle all the hassles of you selling the house.