In Trulia’s 2014 Rent vs. Buy Report, they explained that homeownership remains cheaper than renting throughout the 100 largest metro areas in the United States; ranging from an average of 5% in Honolulu, all the way to 66% in Detroit, and 38% Nationwide! The other interesting findings in the report include:
Even though prices increased sharply in many markets over the past year, low mortgage rates have kept homeownership from becoming more expensive than renting.
Some markets might tip in favor of renting later this year as prices continue to rise faster than rents and if – as most economists expect – mortgage rates rise, due both to the strengthening economy and Fed tapering.
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. Rental costs have historically increased at a higher rate of inflation. Lock in a mortgage payment now before home prices and mortgage rates rise as experts expect they will
Author:Dawn Borkowski Phone: 864-313-4608 Dated: September 10th 2014 Views: 350 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.
"This was the second time that my family has gone with Guest Group. Dawn and the crew helped my wife and I purchase our first home a few years ago. Now that our family has grown, we needed our house to grow as well. Our home was sold within 5 weeks and for 97% of the asking price. Then they found us our dream home on budget and in our desired area. They were more than willing to work around our complicated work schedule and helped us with finding a reputable mortgage broker and home inspector. Should we ever desire to move again, the Lawton team will be who we go with!!"