The results of the latestRent vs. Buy ReportfromTruliashow 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 17.4% less expensive in Honolulu (HI), all the way up to 53.2% less expensive in Miami & West Palm Beach (FL), and 37.7% 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.
Home prices would have to appreciate by a range of over 23% in Honolulu (HI), up to over 45% in Ventura County (CA), to reach the tipping point of renting being less expensive than buying.
Nationally, rates would have to reach 9.1%, a 145% increase over today’s average of 3.7%, for renting to be cheaper than buying. Rates haven’t been that high since January of 1995, according toFreddie Mac.
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, meet with a local real estate professional who can help you find your dream home.
Author:Deirdre Lucey-Humphries Phone: 863-557-8851 Dated: August 14th 2017 Views: 174 About Deirdre: Deirdre is a Broker and co-owner, with her husband Steve, of EXIT Realty Champions in Davenport - th...
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EXIT Realty Champions', Champions Gate Real Estate Office, by Reunion Resort Orlando, is a full service Real Estate Brokerage Office in Champions Gate, Davenport 33896, next to Reunion Resort in 34747. Search for homes for sale with our Realtors, local experts in Champions Gate, Reunion Resort, Kissimmee and Davenport FL. This being the main area for resort vacation homes that can be rented out to meet the Disney World Orlando>, Universal Studios and other theme park market.
Alternatively, if you are looking for a new place to live, Our Realtors can help you find the perfect home in the Orlando, Kissimmee, Davenport, Clermont area known as the Four Corners, where Osceola, Lake, Orange and Polk Counties come together, Next to Disney and the Theme Parks.
EXIT Realty Champions' Realtors in Champions Gate, have a cutting edge Digital Marketing Strategy to help you sell your home for top dollar available in today's demanding market.
Rest assured that EXIT Realty Champions will Champion your housing needs, whether buying or selling one of the biggest investments you have, your home.
Only 14 percent of the Millennials and Gen Yers (37 years and younger)
"I started with the process for selling the house with Lizzy Byrne last October. I had information about the probable selling prices and I made a decision about it based on it. She was prompt to point out the main deficiencies to be corrected, I had a precise information about the cost involved for any repairs. I usually had informative emails about the status of the negotiations and emails in relations to decisions to be made, always I received a phone call to back important issues. She was open to clarifications and questions, it was of prime importance for me, as I was unaware of most of the selling process, like needed documentation, etc. I left to her to manage all the process with total confidence, I felt free of stress and pretty confident on the achievement of good results. I had clear explanations of pros and cons and decisions were made with sufficient information about alternatives, values and possible outcomes. Finally, I had my house sold for Christmas! It took less than 3 months and with a very happy end."