DALLAS, Feb. 21, 2017 /PRNewswire/ -- The residential real estate industry saw a slow but steady rise in mortgage rates across the span of just one year during 2016, with an immediate growth hitting towards the year-end. Marcus Hiles of Texas-based Western Rim Property Services notes that the Dallas-Fort Worth area saw a 12 percent rise in home prices over the past year alone -- the third highest in the country. Although these upper interest amounts and home values may be manageable for some buyers, many now find themselves priced out of a housing market that was already struggling to accommodate home ownership demands prior to the jump in these numbers. Hiles believes the upscale rental properties managed by his company provide Texas residents with a favorable solution, offering luxurious living at an affordable cost -- unaffected by variances in housing price trends.
Due to economic volatilities, mortgage figures have climbed roughly half a percentage point to a 16-month high, "adding hundreds, sometimes thousands, of dollars to a home buyer's yearly payments," according to New York Times contributors Patricia Cohen and Conor Dougherty. "The increase is expected to reverberate across the housing industry, particularly if rates continue to rise next year," they added. Marcus Hiles encourages renting as an alternative to undertaking the rising costs of purchasing a home, as such high rates can make it difficult for prospective buyers to afford the monthly payment. Added expenditures that stem from any necessary repairs, maintenance, and renovations threaten to add further stress to one's finances. While the total cost of an annual lease agreement may slightly exceed the average mortgage payments in a given year, the overall financial burden is much lower when renting, a fact concluded by the U.S. Bureau of Labor Statistics.
Marcus Hiles is the founder of Western Rim Property Services, a development firm specializing in upscale rentals throughout Texas. Since forming the company in 1990, Hiles has transformed the landscape of the Lone Star State by constructing affordable and technologically innovative luxury properties.
Marcus Hiles - Chairman & CEO of Western Rim Property Services: http://www.MarcusHiles-News.com
MarcusHilestx (Marcus Hiles) - DeviantArt: http://marcushilestx.deviantart.com
Marcus Hiles (@marcus_hiles) - Twitter: https://twitter.com/marcus_hiles
Marcus Hiles - New Luxury Apartments in Frisco, TX - YouTube: https://www.youtube.com/watch?v=dmsJNbfOh-g
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SOURCE Marcus Hiles