Buying A Home Is Now 36% Cheaper Than Renting

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Buying A Home Is Now 36% Cheaper Than Renting

Trulia’s latest  Rent vs. Buy report has shown why buying a home seems to be the better option over renting. It’s been found that buying is still cheaper compared to renting with a 30-year fixed rate mortgage in 100 of the largest metro areas in the US.

The numbers pointed out a range of different averages, with buying being 5% less expensive in California, 46% less expensive in Houston, Texas and 36% cheaper nationwide.

GoBankingRates completed a study focused on renting vs. owning and found that in 36 states owning was either a little or a lot cheaper than renting. The image below displays the two options in shades of blue:

Buying A Home Is Now 36% Cheaper Than Renting

Of all the reasons for these findings, the main reason is the low interest rates we’ve been experiencing. Freddie Mac explains that rates fell again last week also to 3.43%.

If renting was ever to be cheaper than buying, interest rates would have to reach 10.6%- a number we haven’t seen since 1989.

Are you still renting? Now is the time to buy! Allow our real estate consultants at Showcase Realty to discuss your opportunities to buy a home in today’s market. Call us today at 704.997.3794!

Thinking about setting roots in NC? North Carolina has been named one of the Top Places for Real Estate Market Investments in the U.S.!

Looking to work with a real estate company you can trust? Be sure to read Nancy Braun of Showcase Realty LLC Named One of America’s Top 1,000 Real Estate Professionals by Real Trends, as Advertised in the Wall Street Journal to get a better understanding of our team and how we can help you!

Not sure about calling us? Don’t hesitate to send us a message here instead!

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