In the latest Rent vs. Buy Report fromTrulia, they explained that homeownership remains cheaper than renting with a traditional 30-year fixed rate mortgage throughout the 100 largest metro areas in the United States. The updated numbers actually show that the range is from an average of 16% in Honolulu (HI), all the way to 55% in Sarasota (FL), and 35% Nationwide!
The 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. “In the past year, these two trends have made homeownership even more affordable compared with renting.”
Some markets might 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.
Buying a home makes sense socially and financially. Rents are predicted to increase substantiallyin the next year, lock in your housing cost with a mortgage payment now. Call Dawn Borkowski, cell (864) 313-4608 for more information and guidance.
Author:Dawn Borkowski Phone: 864-313-4608 Dated: October 19th 2015 Views: 565 About Dawn: ...
With approximately 50 years combined experience, Guest Group brings a wealth of varied experience in both Residential and Commercial Real Estate.
We are loyal, ethical and very dedicated to our clients. We give exceptional service and continue to have our clients for life. We compliment each other and understand the Real Estate Industry and the Local Market.
We have strong negotiating skills and transaction servicing that will ensure you of a successful real estate experience.
Wondering how the Real Estate Market is projected to perform in 2021?
Coralie is an awesome realtor she treat's you like a personal Friend she really goes above and beyond to help you find a House that's Right for you. Coralie was better to me than any other realtor I have worked with before. I would recommend Coralie to anyone Looking for a place to buy. I have already recommended her to my coworker. "