Buying A Home Is A Much Better Deal Than Renting

 For people who are willing to stay put for a few years, buying a home has become a much better deal than renting in almost every major housing market in the nation. In more than 75% of the 200 metro areas analyzed by real estate listing web site Zillow, homeowners would reach a 'breakeven point' ( where owning the home makes better financial sense than renting it ) in three years or less. The survey was Zillow's first buy-versus-rent analysis, incorporating all homeownership costs, including down payments, closing costs, home loan payments, property taxes, utilities and maintenance costs, and compared them to rental costs. It also took into account projected home price appreciation and rent increases, as well as tax deductions and inflation. Zillow's findings support other reports that show that rising rents, record-low rates and falling home prices have made homeownership a more attractive option. In some of the metro areas Zillow looked at, home buyers would break even in less than two years.