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The Current Cost of Renting vs. Buying

June 26, 2017  /  Home Buying  /  Marti Reeder

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. Buying right now costs significantly less than renting.

 

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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FROM THE BLOG

Marti Reeder, Realtor, Managing Broker