Is it Better to Rent or Buy a House in Lehigh Valley?
With an uncertain housing market around the US, people are looking very closely at their decision to either buy or rent their next property. Of course, depending on your specific housing market, the answer will be different. Today, we will discuss whether it is better to rent or buy in the Lehigh Valley area. This includes renting or buying in Bethlehem, Easton, Allentown, and surrounding areas.
How is the housing market in Lehigh Valley?
Like many other areas around the US, COVID-19, along with other factors, caused home prices to soar in the Lehigh Valley area. During the pandemic, an astronomical amount of people decided to purchase a home. For some, it was their first home, while for others, it was an upgrade. This was due to the large increase in employees working from home looking for a home office or just looking for more room for their family to spread out.
Many families that were living in NYC spread to surrounding areas including New Jersey suburbs and Lehigh Valley. Of course, the higher pay rates that come with working in NYC allowed for bidding wars to drive up home prices in Lehigh Valley.
Currently, the prices of houses in Lehigh Valley are starting to level out. A year ago, it was not uncommon for houses to sell for tens of thousands of dollars above their asking price. Now, with things getting back to normal, as well as higher interest rates, housing prices are cooling down.
What is the rental market in Lehigh Valley?
One outcome from the mass influx of new residents into the Lehigh Valley area was the construction of many new luxury apartments. With many young individuals relocating from NYC, the demand for apartments and other rental properties also skyrocketed. Not everyone making the move from the city was looking to purchase a properties. Others may have only been looking for a temporary residence or something with less maintenance.
While existing rental properties also saw an increase in price due to demand, these options were the most affordable for those not receiving the higher pay associated with NYC employment. Of course, with a rental property, it is possible for your rent to increase depending on your rental increase. If your landlord can suddenly charge a significant amount more for rent, you are at their mercy. In most cases, there is no limit to how much rent can be raised once your current contract is over.
Rent vs. Buy in Lehigh Valley
As in most cases, there is no one-size-fits-all solution. Whether you rent or buy a property in Lehigh Valley will come down to your personal needs and preferences. Here are some of the main factors to consider:
- Are you looking for a long or short-term living arrangement?
- Do you have a family that will be moving with you?
- Would you live with roommates?
- Can you keep up with home maintenance?
- What does your financial situation look like?
- Do you expect property prices to increase or decrease in the future?
Many of these questions could be applied to different areas of the US. However, with the influx of new residents in the Lehigh Valley area in the past few years, there may be some special considerations. For example, will more people returning to work cause a greater than average decrease in property value?
Looking to Sell Your Lehigh Valley Property?
If you are considering selling your property in Lehigh Valley to take advantage of the current housing market – we can help. At Property Buyer Connect, we specialize in Lehigh Valley properties and can get you cash for your property – fast! You don’t need to worry about making repairs, cleaning the property, or paying realtor fees. We simply give you a cash offer for your home and then take care of the rest once you approve.
In a constantly changing market, timing is everything. Selling your property conventionally can take months. Those months can make the difference of tens of thousands of dollars for your property. We look at any property type – residential houses, apartments, commercial buildings, industrial buildings, land, you name it!