According to Zillow’s team, recent research shows that in a two year period, it costs less to own a home than pay monthly rent. The comprehensive evaluation looked at costs of owning and renting a home, it included a downpayment of 20 percent, home owners insurance, property tax, maintenance cost, rental payments and renters insurance. The outcome of this evaluation demonstrated a better deal for owning your own home in half of the metropolitan areas in the nation. The primary reason for this is due to the rise in rent across the country and, compared to historical averages, buying a home remains affordable even with the recent rise in house prices and mortgage rates. When deciding whether to buy or rent, it is more important to consider home values than any other factor. The quicker the rise in home prices, the quicker homeowner’s equity will balance the cost of homeownership. Conversely, as the cost of rent increases, it becomes much more expensive to rent vs buy a home. See more statistics at Zillow.com
Beth Sterner is a Real Estate Agent and Realtor® in Mooresville, North Carolina. Beth practices real estate in Mooresville, Troutman, Davidson, Cornelius, Huntersville, Denver, Sherrills Ford, Charlotte and the surrounding areas.
Beth Sterner can help you with all of your Real Estate Needs! Give me a call!