Abberly Place Apartment Homes

500 Abberly Crest Boulevard, Garner, NC 27529
Call: 866-526-0879 Email UsAbberlyPlace018@myLTSMail.com View Map

Opens: Monday-Friday: 9A-6P | Saturday: 10A-5P | Sunday: 1P-5P

Apartments Raleigh NC Blog

Questions Millennials Need to Ask When Considering Rent or Buy – Garner, NC

Joseph Coupal - Thursday, July 28, 2016

Realizing or deciding it’s time to move to a new home is the easy part. From there, comes the choice to buy a home or to rent. This is where it gets difficult.

Basically, everyone has their own unique set of pros and cons to consider.

Ask the following six questions to help you in deciding whether to rent or buy.

1. How much money do you have saved up?

Start with an evaluation of your financial health. Figure out how much money you have for a down payment or deposit on a rental. Down payments are typically 5% to 20% of the price of the home.

Security deposits on rentals are usually about one month of rent and more if you have a pet. But be sure to keep enough in savings for an emergency. It’s a good idea to have three to six months of living expenses to cover unexpected costs.

2. How much debt do you have?

Consider all of your current and expected financial obligations like your car payment and insurance, credit card debt and student loans.

Make sure you will be able to make all the payments in addition to the cost of a new home. Aim to keep total rent or mortgage payments plus utilities to less than 25% to 30% of your gross monthly income. Recent regulatory changes limit debt to income (DTI) ratio on most mortgage loans to 43%.

3. How long will you stay?

Generally, the longer you plan to live someplace, the more it makes sense to buy.

Over time, you can build equity in your home. On the other hand, renters have greater flexibility to move and fewer maintenance costs.

Carefully consider your current life and work situation and think about how long you want to stay.

4. What is your credit score?

A high credit score indicates strong creditworthiness. Both renters and home buyers can expect to have their credit history examined.

A low credit score can keep you from qualifying for the rental you want or a low interest rate on your mortgage loan. If your credit score is low, you may want to delay moving into a new home and take steps to raise your score.

5. Have you factored in all the costs?

Create a hypothetical budget for your new home.

Find the average cost of utilities in your area, factor in gas, electricity, water and cable. Find out if you will have to pay for parking or trash pickup.

Consider the cost of yard maintenance and other basic maintenance costs like replacing the air filter every three months.

If you are planning to buy a home, factor in real estate taxes, mortgage insurance and possibly a homeowner association fee. Renters should consider the cost of rental insurance.

6. Location

That’s the adage most familiar to those interested in home buying, but renters also need to factor transportation costs into choosing where to live.

Studies suggest for every dollar a family saves on housing in an area that is more affordable, they spend 77 cents more in transportation.

Think carefully about your commute and how much household income will be required to meet both housing and transportation costs.

For more information on renting apartments in Garner, NC, contact Abberly Place.

#HowYouLive
housingwire.com


Youth Prefer to Rent Apartments in Garner, NC

Joseph Coupal - Friday, July 22, 2016

As the apartment industry looks forward to the next decade, one thing is clear: The younger generations are taking over.

As Generation X ages (the oldest Gen-Xers are 50 years old now; the youngest are 33), the more populous millennials (ages 15-32) have become the focus of most demographic studies. It is this age group that is driving the housing industry – and will continue to do so for the next 10-15 years.

Apartment markets are benefiting from the millennial invasion, as their preferred lifestyle and financial situation combine to make renting more attractive than owning.

This age group of confident, connected, tech-savvy, multitasking high achievers and were tightly scheduled as children and want some sort of activity during all waking hours.

Studies have shown they want instant gratification and prefer to work hard and play hard. They’re not the workaholics the previous two generations were, but give 100%-plus during working hours and can juggle many tasks at once.

And they don’t want to waste their time commuting. That’s why millennials prefer a “work-live-play” environment that promotes the Class A, urban-core apartment properties that have been growing along skylines across America.

Millennials are not driven to own their own homes. The homeownership rate for the ages 25-34 age cohort was 40.4% in 2014, compared to the 20-year low overall rate of 64.5%. As more millennials graduate from college and join the workforce, the cohort’s homeownership rate is forecast to fall below 40% through 2017, then rise to 41.7% in 2020 – still more than 300 basis points below the long-term average.

As has been well-documented, this group, comprising the oldest millennials and very youngest Gen-Xers, are starting families later, still must repay college loans and face stricter mortgage-underwriting guidelines.

The 25-34 group also is more mobile and less eager to be tied down. The time they spend inside their residence is meager.

Finally, they’re skeptical about owning, and they might be the first generation to believe that homeownership is not the American dream any more. They might have seen their parents, older siblings or friends’ parents lose their homes to foreclosure when the housing bubble burst and might not see housing as an investment.

These factors contribute largely to Axiometrics’ forecast that apartment occupancy will remain close to 95% through 2020, while effective rent growth averages just less than 4%.

For more information on apartments in Garner, NC, contact Abberly Place.

#HowYouLive
Forbes


Not Only Millennials are Renting Apartments in Garner, NC

Joseph Coupal - Thursday, July 14, 2016

Renters are getting a little older these days.

Rental applicants tend to conjure up images of recent college grads looking to start their life in the real world. But Millennials are being joined as renters by people who have already spent decades in adulthood, and may have better credit and higher income.

Since 2005, there has been an uptick in renters, with people in their 50s and 60s making up the largest chunk of the increase.

In fact, the majority of all renters are currently 40 or older.

There are many reasons that the renter population includes a growing number of Gen-Xers and Baby Boomers.

The 2008 housing collapse that led to a wave of foreclosures has turned some people off to homeownership. The tight credit market can also hinder renters from securing a home loan.

Plus, not everyone wants to be a homeowner in their golden years, and the decision to trade a mortgage for a lease is about a new lifestyle, especially for empty-nesters.

Seniors are leaving their homes and renting in a much more urban-type settings from the suburbs to be part of the activities and be mixed in with people of all ages. It gives them something to do if the kids are gone, or their spouses.

The apartment amenities that come in new rental buildings and their units are appealing to older renters. They have everything they need in their building.

Renting also gets rid of the responsibilities that come with home ownership, which can become burdensome as owners age.

It's about portability. They want to travel and don't want to be burdened by house payments and expenses and upkeep.

Some older homeowners are also cashing in on the recent rise in home prices.

They want to take advantage of getting equity out of their home now, and not wait until they actually retire to move into the city and get a cool apartment.

For more information on apartments in Garner, NC, contact Abberly Place.

#HowYouLive
CNN Money


In Garner, Raleigh, NC Your Paycheck Goes Farther

Joseph Coupal - Friday, July 08, 2016

Are you considering relocating for a job or for a place where the dollar goes further? You may be wondering which major cities are providing employees with the most favorable combination of wages and cost of living.

Well, Forbes has published a list of the top 25 Cities Where you Paycheck Goes Furthest. To determine this list, job search and salary comparison site Glassdoor considered cost of living as determined by the ratio of median base salary to housing. Median annual base salary for each metro is based on a minimum of 1,000 salary reports shared by employees in that metro on Glassdoor over the past year, April to April.

No. 25 Raleigh-Durham, North Carolina
Median base salary: $62,000

For more information on apartments in Garner, NC near Raleigh contact Abberly Place.

#HowYouLive

Forbes



Abberly Place Apartment Homes

500 Abberly Crest Boulevard, Garner, NC 27529

Call: 866-526-0879
Email UsAbberlyPlace018@myLTSMail.com
View Map

Opens: Monday-Friday: 9A-6P | Saturday: 10A-5P | Sunday: 1P-5P

$937-$1,361