The results of the latest Rent vs. Buy Report from Trulia show that CT homeownership remains cheaper than renting with a traditional 30-year fixed rate mortgage.
Interesting findings in the report include:
- CT interest rates have remained low and, even though home prices have appreciated around the country, they haven’t greatly outpaced rental appreciation.
- With CT rents & home values moving in tandem, shifts in the ‘rent vs. buy’ decision are largely driven by changes in mortgage interest rates.
- CT rates would have to reach 9.1%, a 128% increase over today’s average of 4.0%, for renting to be cheaper than buying. Rates haven’t been that high since January of 1995, according to Freddie Mac.
Bottom Line
Buying a CT home makes sense socially and financially. If you are one of the many renters out there who would like to evaluate your ability to buy this year, meet with a Real Estate professional from Dave Jones Realty who can help you find your dream home!
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