Buying A Home Spring 2018
Your Resource to understanding the current home buying market. Learn about upcoming changes to interest rates, home appreciation estimates for your local market and across the US and things you need to know to make an informed buying decisions. This resource is FREE to you, compliments of Realty Kings Properties. www.RealtyKingsProperties.com
Your Resource to understanding the current home buying market. Learn about upcoming changes to interest rates, home appreciation estimates for your local market and across the US and things you need to know to make an informed buying decisions. This resource is FREE to you, compliments of Realty Kings Properties. www.RealtyKingsProperties.com
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<strong>Buying</strong> Remains Cheaper Than<br />
Renting In 39 States!<br />
In the latest Rent vs. Buy Report from Trulia, they explained that homeownership remains cheaper<br />
than renting with a traditional 30‐year fixed rate mortgage in the 100 largest metro areas in the<br />
United States.<br />
The updated numbers show that the range is an average of 6.5% less expensive in San Jose (CA), all<br />
the way up to 50.1% less expensive in Detroit (MI), and 37.4% nationwide!<br />
A study by GoBankingRates looked at the cost of renting vs. owning a home at the state level and<br />
concluded that in 39 states, it is actually ‘a little’ or ‘a lot’ cheaper to own (represented by the two<br />
shades of blue in the map below).<br />
WA<br />
MT<br />
ND<br />
VT<br />
ME<br />
OR<br />
ID<br />
WY<br />
SD<br />
MN<br />
WI<br />
MI<br />
NY<br />
NH<br />
MA<br />
RI<br />
CA<br />
NV<br />
AZ<br />
UT<br />
CO<br />
NM<br />
NE<br />
KS<br />
OK<br />
IA<br />
MO<br />
AR<br />
IL<br />
TN<br />
OH<br />
KY<br />
PA<br />
WV<br />
VA<br />
NC<br />
SC<br />
CT<br />
NJ<br />
DE<br />
MD<br />
DC<br />
MS AL GA<br />
TX<br />
LA<br />
FL<br />
AK<br />
Rent vs.Own<br />
HI<br />
A lot cheaper to own<br />
A little cheaper to own<br />
A little cheaper to rent<br />
A lot cheaper to rent<br />
One of the main reasons owning a home has remained significantly cheaper than renting is the fact<br />
that interest rates have remained at or near historic lows. Freddie Mac reports that interest rates for<br />
a 30‐year fixed rate mortgage have hovered around 4%.<br />
Nationally, rates would have to reach 9.1%, a 122% increase over today’s average of 4.1%, for<br />
renting to be cheaper than buying. Rates haven’t been that high since January of 1995,<br />
according to Freddie Mac.<br />
Bottom Line<br />
<strong>Buying</strong> a home makes sense financially. If you are one of the many renters who would like to<br />
evaluate your ability to buy this year, let’s get together and find you your dream home.<br />
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