Buying a Home is 36% Less Expensive Than Renting Nationwide!

By
Real Estate Agent with Keller Williams Realty 0480787

Buying-36-Less-Expensive-KCM

In the latest Rent vs. Buy Report from Trulia, they explained that home ownership 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.
  • Some markets may tip in favor of renting if home prices increase at a greater rate than rents and if – as most economists expect – 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, meet with a local real estate professional who can help you find your dream home.

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Kimberly Davis is a Mega Agent with Keller Williams Realty in Plano, TX.  She is a native of McKinney, TX and has lived in Frisco, The Colony and currently is a resident of Plano, TX.  Kimberly is an internet marketing specialist and is excited about the growth of the Highway 121 corridor that includes the relocation or development of major corporations headquarters such as the Dallas Cowboys, Toyota, FedEx, Liberty Mutual, Nebraska Furniture Mart, Grandscape and more!

 

To search for properties in this area: Home Search Link

 

To get an estimate of your current value: Home Value

 

 

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Katerina Gasset
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These are great facts, Kimberly.  These would be really helpful to those who are contemplating whether it's time to buy their own home or to continue renting.  Make it an awesome day!

Apr 19, 2016 01:05 PM #1
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