In Manahawkin, and throughout Ocean County, it would be cheaper to buy a home than to rent one.
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 in the 100 largest metro areas in the United States.
Ocean County First Time Buyer Programs
The average rent for a home in Ocean County is $1,800 per month ($1850.00 in Stafford), which would buy you a house in the $280,000 range. And in some areas, like Manahawkin, you don’t have to worry about a down payment with the USDA Zero Down Loan Program.
The Median Sale Price of a Home in Manahawkin is $260,000.00, average sale price of a home in Stafford Twp is $282,703.00. Here are all the homes for sale in Manahawkin.
Here are homes in selected communities in Ocean County for $300,000 and less:
- Toms River Homes under $300,000
- Bayville Homes under $300,000
- Lanoka Harbor Homes or Forked River Homes under $300,000
- Barnegat Homes under $300,000
- Manahawkin Homes under $300,000
A study by GoBankingRates looked at the cost of renting vs. owning a home at the state level and concluded that in 39 states, it is actually ‘a little’ or ‘a lot’ cheaper to own (represented by the two shades of blue in the map below).
One of the main reasons owning a home has remained significantly cheaper than renting is the fact that interest rates have remained at or near historic lows. Freddie Mac reports that the current interest rate on a 30-year fixed rate mortgage is 3.91%.
Nationally, 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 home makes sense socially and financially. If you are one of the many renters in Manahawkin and/or Ocean County who would like to evaluate your ability to buy this year, let’s get together and find you your dream home.
As always, thank you for your time and feel free to get in touch if you have any questions about buying, selling or investing in real estate in Barnegat. Karl Hess, Keller Williams Shore Properties - #1 Real Estate Office in Ocean County
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