WILMINGTON, NC (WECT) - Apartment vacancies are at a 23 year high with 7.8 percent nationwide.
Renting an apartment has usually been a way to save money, but local broker say low home prices and the new $8,000 housing tax credit has renters becoming buyers.
"There's just been a massive influx of 1st time home buyers taking advantage of the $8,000 tax credit," said Coldwell Sea Coast Broker Buddy Blake.
The price of some starter homes is actually less expensive than an apartment.
"It really is cheaper to get into a house than it is to get into a rental unit and that's why your seeing a move out of rental units at an alarming pace and into these homes," said Alpha Mortgage President Michael Lopez.
"If they're paying $1,200 in one of the nicer 2 bedroom apartment neighborhoods, for $900 dollars a month they could be buying a 3 bedroom," said Blake.
The window of opportunity on the tax credit closes November 30, so if you're looking to buy a house do it soon.
$8,000 Home Buyer Tax Credit at a Glance
- The tax credit is for first-time home buyers only. For the tax credit program, the IRS defines a first-time home buyer as someone who has not owned a principal residence during the three-year period prior to the purchase.
- The tax credit does not have to be repaid.
- The tax credit is equal to 10 percent of the home's purchase price up to a maximum of $8,000.
- The credit is available for homes purchased on or after January 1, 2009 and before December 1, 2009.
- Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.