Truliareleased theirRent vs. Buy Reportlast week. The report explained that homeownership remains cheaper than renting in all of the 100 largest metro areas by an average of 38%!
The other interesting findings in the report include:
Even though prices increased sharply in many markets over the past year, low mortgage rates have kept homeownership from becoming more expensive than renting.
Some markets might tip in favor of renting this year as prices continue to rise faster than rents and if – as most economists expect – mortgage rates rise, due both to the strengthening economy and Fed tapering.
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 now makes sense. You can lock in a mortgage payment before home prices and mortgage rates rise as experts expect they will. If you rent, your housing expense will only continue to increase.
Voted the "Most Innovative Real Estate Company" by Inman News, Keller Williams Realty brings more to the table than anyone else when it comes to your real estate needs. Whether you are buying, selling, or renting a property, The Miller Group utilizes the latest information technologies, market research, and business strategies to exceed all of your expectations. Texas Real Estate Commission Consumer Protection Notice
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