Homeownership more affordable than renting
Posted on Tuesday, September 25, 2012 at 8:26:43 PM
As rents continue to rise in metros across the United States, more people than ever may find that purchasing a home could be a more affordable option. According to Trulia's Summer 2012 Rent vs. Buy Report, renting a home instead of purchasing a similar or identical property was found for be a smarter financial decision in a majority of metros in the nation.
"Homeownership is cheaper than renting in all of the 100 largest metros, by a wide margin," said Jed Kolko, Trulia's Chief Economist. "Despite the recent price rebound, rents continue to rise faster than prices, and mortgage rates are near record lows."
Kolko went on to claim that potential homebuyers with strong credit scores who've saved a decent sum for a downpayment may want to consider applying for residential financing in the near future. People fitting the previous description will most likely snag a low mortgage rate and benefit from deducting mortgage interest and property taxes from their income taxes in April.
Consult with a personal finance expert to determine if homeownership is the right housing decision for you.