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.
The updated numbers actually show that the range is an average of 5% less expensive in Orange County (CA) all the way up to 46% in Houston (TX), and 36% Nationwide! Other interesting findings in the report include: Interest rates have remained low and even though home prices have appreciated around the country, they haven’t greatly outpaced rental appreciation.
Mortgage rates rise, due to the strengthening economy. Nationally, rates would have to rise to 10.6% for renting to be cheaper than buying – and rates haven’t been that high since 1989.
Bottom Line: Buying a 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, Lets talk about GETTING YOUR PRE APPROVED TO BUY and how we will find your dream home together!