Veronica Dagher
speaker
3,082 appearances
51 recordings
1 series
first heard Sep 2017
last heard Jan 2025
Veronica Dagher’s voice in public audio — every appearance, attributed to the second.
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Appearances
Mortgage rates aren't low enough for them to take action.
Essentially, the difference between buying and renting is still significant.
And so it's still essentially cheaper to rent in most areas of the country than it is to buy.
And you're talking hundreds of dollars every month cheaper to rent than it is to buy.
And until that equation changes, most renters are saying, you know, no, thanks.
I'm good where I am.
Many renters are waiting to see what happens with rates in the next year or two.
So several are choosing to stay put.
62% of renters renewed their leases in the second quarter of this year, and that was up from 60.5% a year ago, and that's a stat from Rent Cafe.
So people are not seeing the math working for them, and they're not rushing out of their apartments
And some people are saying, you know what, maybe I want to be a lifetime renter.
Maybe I want to stay in my apartment for the long term and take the money I would have put towards a house and put it in the stock market where I'm probably going to perform better anyway.
Well, if you look at a 30-year fixed mortgage, he's saying rates need to fall that much for the monthly payment on a $419,000 home to close in on the average US rent of about $1,800 or so.
And so it's pretty far apart because right now, as you know, mortgage rates are about 6.08%.
And he's saying you'd need to drop all the way to 5.25.
Well, most economists don't see that happening anytime soon.
Most people don't even see that happening in the next two years.
And so renters are having to do this calculus of maybe it's better off for me to renew my lease for another year or two, wait things out, and then see where rates leave us in a couple of years from now.
No economist knows really what's going to happen.
And so it could take a long time for rates to come down.
Showing 61–80 of 3,082 · page 4 of 155
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