Flickr Creative Commons: 401(K) 2012

Despite the fact that more and more apartment buildings are being built, the rent prices keep rising.  According to Zillow, homeowners spend 13.7% on mortgages, whereas renters spend 25.6% of their income on rent. Thus, more and more people prefer to buy these days.

According to Minneapolis Area Association of REALTORS® (MAAR), housing market hit the 10 year high; home sales rose 17% in June and rose even more in July. MAAR reports that in the month of July, 6,928 houses were sold. Also, the median price of a home for the Twin Cities is 2.7% to $224.900. Even though house prices are close to record, buyers are still getting more for what they are paying, spending $129 per square foot.

In addition, with the mortgage rates below 4%, renters are more motivated to buy than ever before. Despite the fact that there is a cost to owning a home such as utilities, maintenance, for a lot of people it ends up being cheaper to buy.

So, if you have enough saved for down payment it is a good time to buy!