With rents jumping in many markets nationwide and home buying becoming more affordable, many of the country's renters have become homeowners during 2012, according to NPR.
Record-low mortgage rates and high rents have made buying a home less expensive than renting in many American communities, which has allowed first-time buyers to jump into the market, the source noted.
"If you are in a stable place and you have the financial ability, it's kind of the perfect time to purchase a home," Kim Colaprete, agent at Coldwell Banker Bain, told the news source.
However, tight lending restrictions and a shortage of homes in many areas have made it difficult for many buyers to find a home that fits their needs.
For the past couple years, landlords have been able to increase rents and still maintain high occupancy rates, as many feared re-entering the real estate market before seeing sustainable signs of a recovery. That has changed, though, as real estate research firm Reis reported 22,615 units leased in the third quarter, down from 31,014 in the previous quarter.
