Purchasing a home is a better financial move than renting one in half of the country’s metropolitan areas because buyers will break even in two years, according Zillow. Among the 35 largest metro areas analyzed in the first quarter, Riverside had the shortest break-even horizon (less than a year), followed by Orlando (1 year), Tampa (1.1 years), and Miami-Fort Lauderdale (1.2 years). Large metros with the longest break-even horizons included the District of Columbia, (4.2 years), Boston (4 years), Phoenix (3.3 years), San Diego (3.2 years), and Minneapolis and Baltimore (both 3.1 years). “Rents keep rising, and mortgage interest rates remain very low, which is helping to skew the rent vs. buy decision toward buying for those who can afford it,” says Zillow chief economist Stan Humphries. “Many renters may ask themselves why renew a lease, when you can break even on the same home in less time in many areas.” | Read More
Recent Posts
- Mortgage rates should drop below 7% as housing demand picks up
- CFPB’s Chopra addresses mortgage trigger leads, servicing rules in Senate hearing
- Conforming, FHA loan limits rose for 2024, but who benefits?
- HUD proposes 30-day notice rule for public housing rent nonpayment
- When Should You Add Sand To Paint?
Archives
Categories
- Decor (1,419)
- Energy Saving Tips (15)
- Green Design (22)
- Greening Tips (1,452)
- Home Improvement (2,603)
- Home Remodeling (16)
- Home Security (10)
- Homeowners News (1,265)
- Homeowners News;Top Story (3)
- Housing and Mortgage Trends (2,122)
- Insurance (1)
- Maintenance and Repair (10)
- Safety (4)
- Smart Home Tech (1,133)
- Top Story (106)