It Makes More Sense To Buy Rather Than Rent A Home

October 15, 2008

It’s more affordable to buy a home than to rent one in more the half the major metro areas nationwide. Of the 100 most populous areas, 57 have average three-bedroom rental costs higher than the cost of maintaining a 6 percent interest rate mortgage for a typical lower priced three bedroom home, according to a study and report by the National Low Income Housing Coalition.

In many cases, the study showed that people renting two-bedroom apartments would be better off buying a low-priced home, thus enjoying all the added benefits that go with homeownership. The number of markets throughout the country that fall into this category is steadily growing. Lower mortgage rates and the currently large inventory of homes to choose from are motivating many more people to make the transition from renting to buying their residence. Increasingly, it makes good financial sense.

Posted in Real Estate, Things of Interest