In the latest Rent vs. Buy Report from Trulia, they explained that homeownership remains cheaper than renting with a traditional 30-year fixed rate mortgage throughout the 100 largest metro areas in the United States. The updated numbers actually show that the range is from an average of 16% in Honolulu (HI), all the way to 55% in Sarasota (FL), and 35% Nationwide! The other interesting findings in the report include: Interest rates have remained low and even though home prices have appreciated around the country (3.9%), they haven’t greatly outpaced rental appreciation (3.7%). “In the past year, these two trends have made home ownership even more affordable compared with renting.” Some markets might tip in favor of renting if home prices increase at a greater rate than rents and if – as most economists expect – mortgage rates rise, due to the strengthening economy. Nationally, rates would have to rise to 10.6% for renting to be cheaper than buying – and rates haven’t been that high since 1989. Bottom Line Buying a home makes sense socially and financially. Rents are predicted to increase substantially in the next year, so lock in your housing cost with a mortgage payment now.
You could buy this 4 bedroom home in The Meadows in St. Augustine, within walking distance to Pacetti Bay Middle School in an A Rated School District:
With $6,985 down – A FHA loan monthly mortgage payment including Taxes, Insurance and HOA Fees = $1368 per month! Versus current rental amount of $1550 – WoW!
Read the Original Article Here: Buying a Home is 35% Less Expensive than Renting!
Stop throwing your money away on rent- Call Suzy Evans, Realtor and start investing in your future. Suzy can walk you through the process of buying your first home and demonstrate ways to save for a down payment.