Trulia recently released the most recent Rent vs. Buy Report.
The report explained that homeownership remains cheaper than renting in all of the 100 largest metro areas by an average of 26.3%!
Other interesting findings in the report include:
- Even though prices increased sharply in many markets over the past year, low mortgage rates have kept homeownership from becoming more expensive than renting.
- Some markets (San Francisco and San Jose) might tip in favor of renting this year as prices continue to rise faster than rents and if – as most economists expect – mortgage rates rise, due both to the strengthening economy and Fed tapering.
Buying a home makes perfect sense.
You can lock in a mortgage payment before home prices and mortgage rates rise (as experts expect they will).
If you rent, your housing expense will only continue to increase. And why would you want to do that?
THE BOTTOM LINE:
Buying a home makes sense socially and financially. Rents are predicted to increase substantially in the next year, so lock in your housing cost with a mortgage payment now.
Renting is OUT.
Buying is IN.
P.S. Search Google for "Trulia Rent vs Buy Report" for the latest version of this report.