Friday, September 14, 2012

IS IT CHEAPER TO BUY THAN RENT?

When you are considering a home purchase this is an incredibly important question to ask and one that we receive on a consistent basis. Just this week, Trulia - the online home search site, released some new facts about the health of the market across the country and highlighted areas where currently it is cheaper to buy that it is to rent. As you may have guessed the Washington D.C. metro area fell into the "cheaper to buy" category" with  'homeownership being 43% cheaper than renting.'
Now this study has certain nuisances and each person's situation is different so it is important to look at many factors in your life as there is almost never a one size fits all option when it comes to housing. This study uses certain criteria to be part of the "cheaper to buy" category: Lock in a low interest rate (around 3.5% - which is close to where it is currently), are planning to stay in your home for seven years, and take the appropriate tax deductions. If you don't fall into this criteria, the interactive map (click here) allows you to switch out various factors and see what may be best for you.
If you are currently considering purchasing a home in the coming year  we would highly suggest reading through the full story (available here) and please feel free to call or email any member of the team if you have any questions.

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