Buying a home is a life-changing event. It is the biggest single purchase most people will make in their lives. But many potential home owners ask the question, “Why buy when you can rent?” A recent realtor.com® survey of more than a 1,000 potential home buyers found that the increase in rental costs is the main driving force behind the move to buy a house. Twenty-three percent of younger buyers (18 to 34 years old) cited rising rent as the main trigger to purchase their own property. Danielle Hale, realter.com®’s Chief Economist explains that despite the current housing market, where inventory is low and purchase prices high, potential buyers still have certain traditional views on property. Privacy tops the list for older home buyers. They are mostly looking for property that suits their long-term or retirement needs. Millennials on the other hand want their home to be a reflection of who they are while still offering stability and meeting the needs of their family. Being a first time home buyer is a daunting experience and it can take a while to find the right property to suit both the buyer’s needs and their budget.
What communities in the City of Alexandria have similarly priced rental homes?
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