You Can’t Afford to Hold Onto Your House in Richmond, TX
If you find yourself struggling to make monthly mortgage payments, running out of money before your paycheck comes in, or always feeling like you are under financial stress, take comfort in knowing there are a few main reasons you can’t afford your home and should consider selling:
Income is Dropping
Research shows that the average income1 in Richmond, TX is a lot lower than the national average, and that unemployment2 sits just over 5%. Having a low income, or struggling to find a job does help with owning a home. Home ownership comes with many expenses, such as insurance, mortgage payments, property taxes, and maintenance costs. Spending money you don’t have on these expenses will put you into debt and set you up for problems in the future. It is better to sell your home and look for other housing that you can afford and save your money.
Housing Prices Aren’t Increasing
Many people justify holding onto a home, even if they are struggling to make payments because they know the market is going up and the home value will also go up and be prime for sale within a year. This isn’t what the studies show in Alvarado, TX, though, and a quick sale may be your best bet to make sure you don’t end up going further into a mortgage plan that you can’t afford. The research shows there is a 1% or less increase3 in housing prices week over week.
Cost of Living is High
Finally, on top of the lower income, the cost of living in Richmond, is 101.3 on the cost of living index4, where 100 is average and over 100 means a higher cost of living. Combine this with Richmond’s higher sales tax and lower incomes, and it makes it difficult to justify owning a home or understanding how that is the best use of your money. If you find yourself nodding along to these things, realizing that you are spending more money than you have, and simply can’t afford to be a homeowner any more, you are not alone. Reach out to HomeGo. to let us help you sell your home fast in Richmond, TX so that you can be free of the added burden of payment and get back to spending your money how you want to – not how you have to!