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 3.5% less expensive in San Jose (CA), all the way up to 50.1% less expensive in Baton Rouge (LA), and 33.1% 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.
With rents & home values moving in tandem, shifts in the ‘rent vs. buy’ decision are largely driven by changes in mortgage interest rates.
Nationally, rates would have to reach 9.1%, a 128% increase over today’s average of 4.0%, 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.
- Provided by Keeping Current Matters-
Author:Lance Williams Phone: 985-400-4223 Dated: September 14th 2017 Views: 223 About Lance: As part of the Buyers Division on the Williams Team, we go into every situation with your best inte...
Louis Williams is the CEO for The Williams Team which now has 14 members total. His Team consists of four Listing Specialist, five Buyer Specialists, two Transaction Coordinators, Director of Sales, Listing Manager and Listing Assistant. The Williams Team has had nearly 100 Million Dollars in gross sales over the past nine years. Louis' Real Estate Group is among the top 1/2% of Realtors in the Greater New Orleans Area. He has also been awarded the prestigious NABOR Platinum Award for the top 1/2% of Realtors for the past five years and named the #1 Real Estate Group in the Area 2014.
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