The monetary value of owning a home has never been greater, at least according to one figure found in this month’s Commerce Department report. An astounding record high of 4.4% of American’s Total Household Receipt came from rental income this year thus far. That is a great number, especially considering the 0.7% who held this figure just thirty years ago, and is an all-time high of figures dating back into the 1940’s. According to the Commerce Department, rental income includes landlord’s profits; but what is less obvious, is that it also includes what owner-occupants WOULD make if they rented out their homes. These figures underline a fairly important trend- that homeowners who escaped the wrath of foreclosure during the financial crisis are doing well in the years to follow, however, renters are still having a difficult time. There are two economic trends at play here, and that is what is allowing these figures to climb. Firstly, mortgages are at a substantially low rate, which allows more profit for landlords. Secondly, the availability of homes for rent has decreased greatly, driving the demand up, up and up. So far this year, the cost to rent has increased by 3.5 percent, a post-recession high. Gatlinburg is home to many rental companies and includes nightly rentals, weekly rentals, and long-term rentals. Are you looking for a great investment? Check out some of our Featured Properties and learn what the Jason White Team has to offer!
This week’s Featured Listing –
419 Wiley Oakley Drive, Gatlinburg TN 37738 – $229,900 “Creekside Serenade” Offers beautiful decor, privacy and luxury. Two spacious master suites with whirlpool tubs (one on each level), a comfortable game room, secluded decks with wooded surroundings. The convenient location is only 1.5 miles from the Parkway and just 5 miles to Pigeon Forge. Features comfortably rustic furnashings, a pool table, hot tub, fully equipped kitchen, 2 gas fireplaces and level parking. Secluded, yet close to all the action, and only one mile to the private club pools, tennis courts and club house. Come and see all this property has to offer!