America’s housing industry saw a minor, yet steady increase of mortgage rates throughout 2016, with a big uprise occurring towards the year end. Texas real estate developer — Marcus Hiles 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, CEO of Western Rim Property Services, 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.
Thanks to wide range of changing economic factors, 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 speed and size of the increase took many lenders and borrowers by surprise,” they added, “and the increase is expected to reverberate across the housing industry, particularly if rates continue to rise next year.” 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 in regards to their budget. 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.
An increasing number of Americans are choosing to lease instead of owning their residences, with that number expected to expand by at least a half million each year through 2023. Marcus Hiles and Western Rim have spent nearly three decades building and maintaining over 15,000 high-end apartments, condos, and townhomes in Texas, helping to satisfy the growing rental property demand. These developments are situated near many of the state’s largest urban hubs, including Dallas, Houston, San Antonio, and Austin, providing affordable luxury and resort-style amenities in a suburban setting. Fitness centers, jogging trails, open green spaces, access to premiere golf courses, cellulose soundproofing technology, and eco-friendly features provide residents the opportunity to experience a high standard of living, while avoiding the high costs associated with owning a residence in today’s increasingly expensive real estate climate.
Marcus Hiles is the founder of Western Rim Property Services, a Dallas-based development firm specializing in upscale rentals all throughout Texas. Since forming the company in 1988, Hiles has transformed the landscape of the Lone Star State by constructing affordable and technologically innovative luxury properties, each offering an exclusive home experience that ensures a balance between both city and suburban living. A renowned philanthropist, Hiles routinely provides significant financial contributions to initiatives that support the betterment and growth of Texas public parks and green spaces, while also assisting many social and educational programs that help the economically disadvantaged.
Marcus Hiles - Chairman & CEO of Western Rim Property Services: http://www.MarcusHiles-News.com
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Marcus Hiles (@marcus_hiles) - Twitter: https://twitter.com/marcus_hiles
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