Special offer

Buying Remains Cheaper Than Renting in Manahawkin!

By
Real Estate Agent with Keller Williams Shore Properties 1005238

Buy or Rent in Manhawkin

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:

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).

Buy or Rent Map of the US

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

Posted by

 

 609-553-7926

Find Your Dream Home on The Jersey Shore in Ocean County!

www.TheJerseyShoreHomeFinder.com

 

 Licensed in New Jersey.  Keller Williams Shore Properties 

770 Lighthouse Dr. Barnegat, NJ Phone: 732-797-9001

 

 

 

Comments (3)

Anthony Acosta - ALLATLANTAcondos.com
Harry Norman, REALTORS® - Atlanta, GA
Associate Broker

Good morning Karl Hess 

Great information to help renters to purchase a home.  Thank you for sharing.

Oct 18, 2017 04:55 AM
Nathan Gesner
American West Realty and Management - Cody, WY
Broker / Property Manager

Nice graphic. It's still a little cheaper to rent in my area, depending on the price range. Once you get above the median price of a purchase, renting starts to become cheaper. However, the people in that price range have enough money to purchase.

Oct 18, 2017 04:58 AM
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

I have a hard time believing that thee are areas where it is cheaper to rent than to buy.  Especially given the long term picture.

Oct 18, 2017 05:39 AM