The Reports Are In: Buying A Home 38% Cheaper Than Renting

Are you currently a renter, but have the itch and desire to buy? Here’s something to consider…

A recent report released by Trulia reveals that homeownership remains cheaper than renting with a traditional 30-year fixed mortgage rate throughout the 100 biggest metro areas in the nation. We are talking 38% LESS expensive nationwide than renting!

buy-rentRenting costs have continued to surge across the US, despite the fact that home price increases are beginning to slow down. The low mortgage rates we are seeing today have kept homeownership from becoming more expensive than renting and according to Trulia’s report, rates would have to rise to around 10.6% in order for renting to be considered cheaper than buying! And for good measure, rates haven’t been that high since the late 80’s.

With mortgage rates and home prices expected to rise due to the strengthening economy, now is the perfect time to purchase a home.

SOURCE: Keeping Current Matters