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To Rent or to Buy? Less of a Dilemma with New UHI Loan Package

That is the question. Turns out in Shelby County renting can be expensive compared to owning according to SmartAsset as reported by the Memphis Business Journal.

Key Points:

  • Shelby County is the 6th best place to buy in the state, according to SmartAsset and calculated using an average mortgage rate of 4.5%.
  • "The average monthly mortgage payment in Shelby County was $488 compared to an average monthly rental payment of $1,219."

 

Home for sale at Wolf River Bluffs

Owning a home in Shelby County pays off. Banks and mortgage lenders made 9,368 mortgages in Shelby County last year, up 11% from 2014 according to the Chandler Reports Review. Lenders United Housing works closely with, like Community Mortgage, Magna Bank (now Pinnacle), and Iberia Bank make up the bulk of the mortgages made last year.

While mortgage demand may be growing, there are still many families that are without access to a mortgage. Credit is still a major barrier for many Memphis families, as well as down payment necessary to close a conventional mortgage. After the 2008 crash, millions of families were pushed out of their homes and into rental situations. According to the Commercial Appeal, "about 137,000 metro-area residents are estimated to work two or more jobs, compared to an estimated 40,000 in 2007..." just to be able to afford rent. "Single parents, seniors and the disabled were among the hardest hit along with workers in the food-service industry," and to add to it, the affordable homes were bought in bulk by outside investors for flipping or for rental property - $1 billion worth of homes in Memphis suburbs since 2010, according to the CA.

United Housing offers financial education and counseling as well as a financial product that will help individuals make the leap into homeownership and out of a costly rental situation. Owning a home for less than rent is easier than you may think. Give us a call at 901-272-1122 to sign up for a Homebuyer Education class, credit counseling or for more information on the homes we have for sale at our Wolf River Bluffs subdivision at James Rd. and McLean Blvd. Tell a friend!

The homes are brand new and energy-efficient, with increased indoor air quality through EcoBUILD certification standards. The solar panels will give you an average of $30 savings in energy costs. You can be a homeowner in Shelby County and save money monthly!

 



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P: +1 901.272.1122

2750 Colony Park Drive
Memphis, TN 38118

 

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