OVERLAND PARK, KS — According to data released Tuesday by the U.S. Bureau of Labor Statistics, inflation rates cooled to six percent in February.
So although the price of many household items are still high, KSHB 41 News decided to see how this new report is impacting the housing market in the Kansas City area.
“Inflation went up even on a small thing, like a bag of chips went up like three bucks,” Brandon Watson said.
Watson, a soon to be father, is looking into how to make the most of his money.
“You have to budget a lot of stuff with food and gas, and it makes it harder with rent,” Watson said.
Watson said after weighing his options, he made the decision to look into purchasing a home.
“I’m paying for a one bedroom apartment and it’s the same as a three bedroom house,” Watson said. “ I think I’d definitely save a lot more with equity, because for the long term run, I could build money — I could find a better house.”
Karla Johnson, a realtor with Keller Williams, says looking into buying a home is much better than renting in the current economy.
“You’re still paying for a mortgage — the question is who’s mortgage are you paying?” Johnson said. “Start getting ready to buy before interest rates go up.”
Johnson says while the inflation cooled Tuesday, the housing market in Kansas City is steady.
“People are not going crazy trying to buy houses, because interest rates are so low,” Johnson said. “They’re not going crazy paying so much for a house that may not even appraise.”
Johnson said it’s important for people to call on a for sale sign they come across and build a future for their families.
“The house rates are going to increase, the interest rates are going to decrease, or the other way around, and that’s where you have to find that balance," Johnson.