Buying A Home Remains 38 Percent Less Expensive Than Renting

Buying A Home Remains 38 Percent Less Expensive Than Renting

In Trulia's latest Rent vs. Buy Report, 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 17% in Honolulu all the way to 63% in Detroit and 38% nationwide.  The is up from an average of only 5% cheaper in Honolulu in April.  The other interesting findings in the report include:

Rents have continued to increase nationally even as home price increases are starting to slow.  Current low mortgage rates have kept homeowners from becoming more expensive than renting.

Some markets might tip in favor of renting next year 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 make sense. Rental costs have historically increased at a higher rate of inflation.  Lock in in a mortgage payment now BEFORE home prices and mortgage rates rise as experts expect they will. 
I'm a REALTOR and live have lived in the Dallas area for over 15 years.  I currently live in Frisco, Texas but help clients all over the Dallas area find a home.  I've worked with many first time home buyers and would love the opportunity to meet and work with you.







Debbie Viverito Headshot
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Phone: 972-836-9295
Dated: November 6th 2014
Views: 835
About Debbie: Debbie's knowledge of the Frisco and North Dallas area, homes and neighborhoods are just some of the...

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