Renting or buying. It’s an important question that most people ask themselves at least once in their lives. In order to help you answer this question we found this article about why it’s actually cheaper to buy rather than rent. We hope it helps you answer the question for yourself.
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From the article:
Buying costs less than renting in all 100 large U.S. metros, according to the Rent vs. Buy Report from Trulia (TRLA).
Rising mortgage rates and home prices have narrowed the gap between renting and buying, though rates have recently dropped and price gains are slowing.
Low mortgage rates have kept homeownership from becoming more expensive than renting. In some markets, like San Francisco and Seattle, rents have risen sharply; rising rents hurt affordability relative to incomes, but rising rents make buying look cheaper in comparison.
Trulia says that at a 30-year fixed rate of 4.5%, buying is 38% cheaper than renting nationally, versus being 44% cheaper at the start of 2013.
The range of difference, as one expects, varies from market to market – buying is only 5% cheaper than renting in Honolulu, while it is 66% cheaper than renting in Detroit.
Want to buy a home but don’t have that much money? Then checkout this article about buying a small house that could be of interest to you.
Read the entire article here: http://www.housingwire.com/articles/29115-do-you-know-why-buying-a-home-is-cheaper-than-renting