Renters Can Get A 36% Discount

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August 9, 2016 by Jeff Lowen

Are you currently in a lease? Know someone who is? How would you like to know a way to get yourself a 36% discount? C’mon, who wouldn’t? Read on…

In the latest Rent vs. Buy Report from Trulia, they explained that homeownership remains cheaper than renting with a traditional 30-year fixed rate mortgage in the 100 largest metro areas in the United States.

The updated numbers actually show that the range is an average of 5% less expensive to buy a home in Orange County (CA) all the way up to 46% in Houston (TX), and…

36% Nationwide!

A recent study by GoBankingRates looked at the cost of renting vs. owning a home at the state level and concluded that in 36 states it is somewhere between ‘a little’ and ‘a lot’ cheaper to own, represented by the two shades of blue in the map below.

20160808-STM-ENG

One of the main reasons that owning a home has remained significantly cheaper than renting is the fact that interest rates have remained at or near historic lows. Freddie Mac reports that rates fell again last week to 3.43%.

Nationally, rates would have to rise to 10.6% for renting to be cheaper than buying – and rates haven’t been that high since 1989.

The moral of the story…

Buying a home makes sense socially and financially. If you are one of the many renters who would like to evaluate your ability to buy this year, let’s get together and find you your dream home.

 

 

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