Still debating on weather to buy or rent? Well here is the latest report from Trulia.
The latest Rent vs Buy Report explains 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 17% in Honolulu, all the way to 63% in Detroit, and 38% Nationwide! This is up from an average of only 5% cheaper in Honolulu in April.
Theother interesting findings in the report include:· Rentshave continued to increase nationally even as home price increases are starting to slow. Current low mortgage rates have kept homeownership from becoming moreexpensive than renting.·
Somemarkets might tip in favor of renting next year if home prices increase at agreater rate than rents and if – as most economists expect – mortgage ratesrise, due to the strengthening economy.Bottomline is 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:Lucina Cervantes Phone: 214-986-5512 Dated: December 11th 2014 Views: 1,430 About Lucina: Lucy is a Full-time Real Estate agent who is the happiest when helping people. At JP and Associates...