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: 286 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.
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