BUYING IS CHEAPER THAN RENTING

Dated: 10/26/2016

Views: 115

Buying is Now 37.7% Cheaper Than Renting in the US

by  on October 25, 2016 in First Time Home Buyers, For Buyers, Interest Rates,Move-Up Buyers, Pricing


Buying is Now 37.7% Cheaper Than Renting in the US | Keeping Current Matters

The results of the latest Rent vs. Buy Report from Trulia show 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 to Freddie Mac.

Bottom Line

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.


Retrieved October, 26, 2016 from http://www.keepingcurrentmatters.com/2016/10/25/buying-is-now-37-7-cheaper-than-renting-in-the-us.


IF YOU WANT TO STOP MAKING YOUR LANDLORD RICH AND BECOME A HOMEOWNER, CALL ME TODAY TO GET STARTED. AMY RODRIGUEZ, THE QUEEN TEAM, KELLER WILLIAMS REALTY - KINGMAN, AZ AT 928-202-6149.

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