Must-Read: Effective Way to Save in the Housing Market

The housing market is on a positive road to which homeownership has always been the best decision for anyone considering owning a property. Renting is only beneficial for a temporary fix, but not on a long-term basis.

In a recent Rent vs. Buy Report from Trulia, we learned that it is still cheaper to own a home than to rent with a traditional 30-year fix rate mortgage that includes the 100 largest metro areas in the United States. The range shows an average of 5% cheaper in Orange County, CA and as high as 46% cheaper in Houston, TX. Nationwide the difference is that of 36%!

Some additional information:

  • While there has been an increase of rental appreciation and nationwide home price increases, home interest rates have remained low.
  • Renting may become favorable in some markets only if there is a great increase in home pricing that exceeds rental pricing. Economists expect that rising mortgage rates in booming economies may also deter home buyers
  • Renting has not been cheaper than home buying since 1989. Rates would have to increase by 10.6% for renting to become cheaper again.

Bottom Line

It’s true that buying today remains more sensible than renting. Are you considering buying? Check out this helpful infographic of reasons why you should consider homeownership! You may also want to start browsing through our Belmont Homes for Sale.

Connect with us now at 704.997.3794 we’d be happy to answer any of your questions!

If you decide you don’t like your home we will sell it for free. *some conditions apply*

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