In the latest Rent vs. Buy Reportfrom 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!
A recentstudybyGoBankingRateslooked at the cost of renting vs. owing a home at the state level and concluded that in 36 states it is actually ‘a little’ or ‘a lot’ cheaper to own, represented by the two shades of blue in the map below.
One of the main reasons that owning a home has remained significantly cheaper than renting is the fact that interest rates have remained at or near historic lows.Freddie Macreportsthat rates fell again last week to 3.43%.
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 sensesociallyand financially. If you are one of the many renters who would like to evaluate your ability to buy this year, let’s get together and find you your dream home.
Author:William Dodge Phone: 602-980-3638 Dated: August 8th 2016 Views: 613 About William: ...
Solutions Real Estate has the Solution to all of your Arizona Real Estate needs. Veteran owned company based in Gilbert, Arizona with several offices throughout the Phoenix Metropolitan area. Currently expanding in southern California in the San Diego market.
I just wanted to reach out to say thank you for everything you helped us with during the process of purchasing our new house at 2203 E. Crest Ln. This isn't our first rodeo together but I'm always impressed with how helpful you are at every step and that you keep us up to date on exactly what is going on and what to expect next, whether it's with the lender, title company, seller agent, etc.I always know what is going on and it's because of you!
At every point in the process, I felt comfortable not only that you were available to answer my questions but confident that you would go to bat for me if I had any concerns about any part of the process.
As always, I will mention your name to anyone who is thinking about buying or selling and would provide my highest recommendation to anyone who is in the market.
Thank you again and next time we're looking to buy or sell, you'll hear from us. Thanks!