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

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In the latest Rent vs. Buy Report from Trulia, they explained that homeownership 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, let’s get together to discuss the best course of action to get you into your dream home!

2 comments:

  1. Yes, I completely agree with you, as I have been moved from my parents, to my own home. Because, I was saving money while I was living in parental home, every month on my personal account, and after a few years, I managed to buy my cozy house in Pasadena. And my advice for you, you can hire https://movers.best/ orange county movers for your comfort, when you will moving to another new home. Because the move, especially when it is at first time a very important and responsible moment in life.

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