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2015-05-20 08:19:15
Buying a Home is 35% Less Expensive than Renting!

In the latest Rent vs. Buy Report from Trulia, they explained that homeownership remains cheaper than renting with a traditional 30-year fixed rate mortgage throughout the 100 largest metro areas in the United States.

The updated numbers actually show that the range is from an average of 16% in Honolulu (HI), all the way to 55% in Sarasota (FL), and 35% Nationwide!

The other interesting findings in the report include:

  • Interest rates have remained low and even though home prices have appreciated around the country (3.9%), they haven’t greatly outpaced rental appreciation (3.7%). “In the past year, these two trends have made homeownership even more affordable compared with renting.”
  • Some markets might tip in favor of renting if home prices increase at a greater rate than rents and if – as most economists expect – mortgage rates rise, due to the strengthening economy.
  • Nationally, rates would have to rise to 10.6% for renting to be cheaper than buying – and rates haven’t been that high since 1989. 

Bottom Line

Buying a home makes sense socially and financially. Rents are predicted to increase substantially in the next year, so lock in your housing cost with a mortgage payment now. Call the Powerhouse Team today to discuss your options. 

 
Blog Archive
2015-05-20 08:19:15
Buying a Home is 35% Less Expensive than Renting!

2015-05-05 10:03:49
4 Reasons To Move-Up This Spring

2015-05-05 10:01:10
The Deal of the Century??

2015-04-27 08:12:23
Selling Your Home The Importance of Using an Agent

2015-04-27 08:10:52
Either Way, You're Paying a Mortgage

2015-04-27 08:07:46
Where Are Mortgage Rates Headed?

2015-04-27 08:06:13
Don't Get Caught in the Renter's Trap

2015-04-27 08:04:49
A fully transparent solar cell

2015-04-27 08:01:39
Freddie Mac’s New 3% Down Program

2015-04-27 07:54:46
Selling Your House? Don't Miss This Opportunity


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