Buying beats out renting in all 100 largest US metro cities according to recent Trulia stats.
Despite recent price increases in many markets, it’s now cheaper to own a home than rent in all 100 of the largest U.S. metro areas, thanks to climbing rents and low mortgage rates and tax breaks for homeowners, according to arent-vs.-buy report released today by real estate search site Trulia.
Homeownership is most affordable in Detroit, the report found, where the monthly cost of owning a home ($349) was 70 percent cheaper than renting one ($1,149). Gary, Ind., and Oklahoma City, Okla., both with monthly homeownership costs that were 63 percent cheaper than renting, were No. 2 and No. 3 in the report, respectively, for U.S. homeownership affordability.
Why rent when you can buy a home for the same, or even lower, monthly payment?
Wonder how much you qualify for? What are local mortgage payments? Shoot us an email or give us a call and we will be more than happy to give you a quick consultation that will let you know.
Have an hour? Join us for our next HomeBuyer Workshop September 29th at 11am and learn what it takes to qualify for a house and what to expect when going through the home buying process.
Email us at: Yesenia@NewCenturyBroker.com to RSVP