Fox Business hosted a recent discussion between the Mortgage Bankers Association's Chief Economist Jay Brinkman and John Burns of John Burns Real Estate Consulting.
The nature of the conversation revolved around the current state of the housing market as compared to the rental market.
During the housing downturn, the number of renters increased dramatically. Now that the overall economy is starting to turn around, some of those renters are entering back into home ownership.
According to the discussion, two-thirds of the country pays a higher rental rate then they would mortgage payment. As the job market improves and potential homebuyers are able to build up their credit, they are turning to the housing market where they can often find more stable prices and the chance to build equity.
While young couples are still reluctant to leave the rental market, previous homeowners who are now renting seem to be leading the way back to homeowership.
For the full video conversation, click below.
To Rent or to Buy?
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