market conditions: Get More Bang For Your Buck Than In The Last 15 Years.
- 12/01/11 03:27 PM
The monthly cost of owning a home is more affordable now than in the past 15 years, and is less expensive than renting in many cities. Low home prices combined with low mortgage rates – hovering at 4 percent or lower – create an appealing buyer’s market, analysts say. For example, buyers today have a 77 percent increase in their borrowing power compared to 1991, according to Dan Green, a loan officer with Waterstone Mortgage in Cincinnati. He says that in 1991 a $1,700 mortgage payment allowed a borrower to take out a $200,000 mortgage. Today, at current interest rates, … (2 comments)
The monthly cost of owning a home is more affordable now than in the past 15 years, and is less expensive than renting in many cities.
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