A national apartment report just released statistics stating that the Metro Milwaukee apartment rental prices have increased 7% in the last year. We have the third highest increase in the United States in October. The Metro Milwaukee apartment rental price average has gone from $887 per month to $951 per month. This is just the average. I know some of the newer apartments are now going for $1500-$1800 and even as high as $2400 per month. (Not including additional expenses)
What are you waiting for? Home purchases have been going up an average of 10% per year for the last 3 years. Get tax deductions and benefit from the increases in property value. Stop wasting your money every month with apartment payments. If you want to purchase a duplex you will benefit even more. Take advantage of tax deductions and increasing property value while also collecting in on increasing rent prices. With an owner occupied duplex you can still purchase with as little as a 3.5% down payment.
1. Milwaukee area rent is up 7%
2. Purchase a home with as little as 1% down payment*
3. Purchase a duplex with as little as 3.5% down payment*
4. Build equity, peace of mind, and hedge against inflation by knowing your month payments will not go up.
*(2) Payment on a $150,000 home with 1% down payment, interest rate of 3.75%, 30 year fixed rate. Based on qualified buyer (loan program with Providence lending) YOUR PAYMENT would be about $672.00 plus property taxes and insurance
*(3) Payment on a $150,000 duplex with 3.5% down, interest of 3.75% on a 30 year fixed rate. Based on a qualified buyer (FHA loan program) YOUR PAYMENT would be $675.00 plus property taxes, PMI, and property insurance. All that while you would also be collecting an average rent from the rented unit of $700-950 per month.
So like I said what are you waiting for…..interest rates to go up? Contact a Milwaukee Real Estate Agent who understands the market, call Bob Arnold.
Please feel free to contact me by email, text or call with any questions or how I can help you. I am more than glad to meet and discuss some option and put together a plan to move forward.