Sumner, Robertson County TN Real Estate

Residential Properties

Buying a Home is 35% Less Expensive than Renting!

Buy-or-Rent-2-Houses-KCM

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 throughout the 100 largest metro areas in the United States.

The updated numbers actually show that the range is from an average of 16% in Honolulu (HI), all the way to 55% in Sarasota (FL), and 35% Nationwide!

The other interesting findings in the report include:

  • Interest rates have remained low and even though home prices have appreciated around the country (3.9%), they haven’t greatly outpaced rental appreciation (3.7%). “In the past year, these two trends have made homeownership even more affordable compared with renting.”
  • Some markets might 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. Rents are predicted to increasesubstantially in the next year, so lock in your housing cost with a mortgage payment now.

 

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Contact Information

EXIT Real Estate Solutions/Tina Redding, Affiliate Broker/Mobile (615)268-5985/Office (615)826-0001/Each Office Independently Owned & Operated
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