A quick drive around town will confirm the fact that the Charlotte metro area is one of America’s 20 fastest growing cities. These days it seems as if every vacant piece of land is being developed. With all the new apartments are being built in Charlotte you would think that it would be easy to find a nice home or apartment to rent at a reasonable price. However that is not the case. Rents are high and getting higher, with a 5.7% increase over January of 2015 according to Zillow. Many property managers report that they are receiving multiple applications as soon as properties are put on the market. Most apartment complexes are using market based pricing, where the monthly rent quoted is only good for 24-48 hours. My son is paying way more rent for his small two bedroom apartment in South End then I am paying for my mortgage on a large four bedroom house. I work with many first-time home buyers and they always are amazed at how much less they will pay monthly on their mortgage compared to what they were paying for rent. Why make your landlord rich when you can build equity in your own home? Interest rates are low and there are many programs available for first time home buyers that do not require the traditional 20% down-payment. There are many great rent vs buy calculators on the web, and a good mortgage planner in conjunction with a good Realtor® can help you achieve the American dream of home ownership. Don’t be afraid the reach out for advice. I generally spend 6 months to a year working with my first time buyers, working with a lender to make sure they are on a solid footing financially and helping them find the right home. Have a question? Contact us for more information.