With Apartment-Vacancy Rate at 30-Year High, Landlords Cut Prices 3% in 2009
Thanks to falling home prices and record low mortgage rates, it now costs less to own than it has in the past decade on a mortgage-payment-to-rent basis. But falling rents are expected to offset some of the recent improvement in affordability, making renting more attractive than owning in some markets.
Rick:
Renting has been more affordable than ownership here in South Florida for many years. High property taxes, maintenance and insurance keep it that way. While renters do not "enjoy" value appreciation - if any. Certainly they dont appreciate the "joys" of home-ownership. Life is a lease, anyway...
Rick -
Interesting stats. It seems owning has become quite affordable compared to renting in most markets.
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