Zillow Chief Economist Svenja Gudell: "Make no mistake: Despite this recent slowdown in rental appreciation, the rental affordability crisis we've been enduring for the past few years shows no signs of easing, especially as income growth remains weak."
Chief Econonmist of the National Associuation of Realtors (NAR), Lawrence Yun: "Rents and home prices are expected to exceed income growth into next year becasue of the insufficient creation of new construction and the detrimental impact it's inadequancy continues to have on housing costs in several markets."
The story continues whether does one rent or buy a home. Definitely the long term answer is purchase a home (it's cheap rent). With increasing rents of 8% in 2016 vs. 2015 this forecast further substantiates the fact that a person with a long term view can improve their monthly cash flow by purchasing a home vs. renting one. Inquire on my webpage www.randybreaux.com so that we can speak about the ways you can achieve this.