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Renting? You might be able to afford a $246k home

That’s above the $187,000 median value of an Albuquerque detached home, said the new report by online real estate company Zillow ... not every renter is shelling out that much. CBRE New Mexico’s January apartment market survey reported that Albuquerque ...

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Success! — Manage subscriptions Sign up for our Newsletters 42° Share Renting? You might be able to afford a $246k home By Steve Sinovic / Journal Staff Writer Friday, April 28th, 2017 at 3:40pm ...................................................................................................................................................................ALBUQUERQUE, N.M— Some Albuquerque renters paying $1,200 a month in rent may be able to afford a $246,000 home, according to a new study.That’s above the $187,000 median value of an Albuquerque detached home, said the new report by online real estate company Zillow.For prospective buyers, the company said it figured in “all monthly homeownership costs, such as property taxes, maintenance and insurance” and also factored in a 20 percent down payment for the house, which could be a major sticking point for a lot of renters looking to get on the first rung of the property ladder.Zillow estimates that 56.6 percent of homes for sale in the metro area are priced less than $246,000 and included both single-family residences and condominiums in its analysis.“It’s worth noting that many of the more affordable homes for sale may be older, smaller and/or located in less desirable neighborhoods than they might likeThe decision between buying and renting is a financial trade-off between saving more each month on a mortgage payment versus spending more on rent but taking advantage of  the location and lifestyle amenities renting often offers,” said Svenja Gudell, Zillow chief economist, in a statement.Saving for a down payment, qualifying for a loan, racking up lots of consumer debt and finding a home available at a manageable price remain hurdles for millions of aspiring buyers.AdvertisementContinue readingTo rent or to buy depends on a lot of factorsWhile Zillow used a rent index of $1,200 in Albuquerque for its report, not every renter is shelling out that much.CBRE New Mexico’s January apartment market survey reported that Albuquerque’s average rent (combined market rate and affordable apartments) increased from $765 to $800, a 4.5 percent hike from the previous year, with all unit types showing price gains.Low mortgage interest rates also have helped many renters, especially two-income borrowers, become first-time buyers.  The most obvious benefit of lower interest rates is that, in most cases, a borrower’s monthly payment is lowerThe average 30-year fixed-mortgage rate is 3.91 percent, which is usually reserved for those with high FICO scores. try{_402_Show();}catch(e){} Share Tweet LinkedIn Email Print Subscribe Most Recent Biz News Real Estate Suggested Stories: Why your rent will rise again this year – Apr 14, 2015 Homeownership dream remains alive in America – Jul 6, 2015 Ask Brianna: Should I keep renting or buy a house? – Aug 23, 2016 How much you need to make to buy a house in these major cities – Sep 12, 2016 Advertisement Subscribe to the Journal for only $12. QUICK LINKS Home Search Weather Archives Puzzles Comics Newsletters CONTACT THE JOURNAL Staff directory Submit a news tip 505-823-3800 Send a letter to the editor Submit an obituary Advertise in the Journal SUBSCRIBER SERVICES Account services Subscribe to the Journal Recover username/password 505-823-4400 Access our archives Place a classified ad Privacy policy Contest Terms RELATED SITES & PARTNERS Journal Rewards Puzzles News in Education Mountain View Telegraph Rio Rancho Observer Valencia News-Bulletin El Defensor Chieftain Kirtland AFB Nucleus

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