Buying a home is a better deal than renting

NEW YORK (CNNMoney) — It’s the eternal question in real estate: Should I buy or rent?
The answer has never been clearer: Buy.

In 98 of the top 100 housing markets, buying a home is more affordable than renting, according to the online real estate company Trulia. Only Honolulu and San Francisco buck the trend. There are several reasons. Home prices are falling. Mortgage interest rates are at historically low levels. And rents are on the rise.

Of course, many renters are not in a position to buy. For one, it’s hard to get a mortgage these days, despite low rates.
And paying rent can push them further away from being able to afford to buy.

“Rising rents make it harder for people to save for a down payment, which is the biggest barrier to buying a home that aspiring homeowners face,” Jed Kolko, Trulia’s chief economist.

The nation’s cheapest buyer’s market is Detroit, where purchasing is only 3.7 times more expensive than renting. Other top five metro areas where buying is much better than renting are Oklahoma City, Dayton, Ohio,Warren, Mich and Toledo, Ohio.

The one number to watch for a housing recovery Rankings like these, however, can obscure the factors that go into each decision.

Read : “Buying a home is a better deal than renting” an article by CNNMoney

Related posts

Leave a Reply

*

Please solve the following to prove you are not a bot: * Time limit is exhausted. Please reload CAPTCHA.

This site uses Akismet to reduce spam. Learn how your comment data is processed.