The Current Cost of Renting vs. Buying
Deciding to buy a home instead of renting is a tough call, especially in a hot real estate market like this one where housing is scarce. This infographic shows that the tide has shifted a bit, and it will actually cost you less to purchase a home than it is to rent a home, apartment, condo or townhouse.
Here are some other statistics from Trulia’s Rent vs. Buy Report:
- Interest rates remain low, and though home prices are appreciating, they haven’t outpaced rental appreciation.
- Shifts in the ‘rent vs. buy’ decision are largely driven by changes in mortgage rates.
- Nationally, rates would have to reach 9.1% (the current average is 4%) for renting to be cheaper than buying.
For more on renting versus buying, please read these two previous blog posts:
If you’re thinking of buying instead of renting this summer, give us a call. We can help you analyze your situation, so you can make the right choice.
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