November 28, 2011
Renting vs. Buying
The housing market remains in flux (to put it mildly), and many people who could afford to and have sufficient credit to purchase a house or condo are wondering if renting might be a better idea. Answering that question depends upon a number of variables, including the local real estate submarket and the economics of the properties under consideration. The New York Times has a tool that allows you to crunch the numbers and determine whether it is better to rent or buy a particular property. It tells me that the townhouse I'm currently renting would only be better to buy if I stay there 13 years, even if I assume a mortgage rate of 4%.
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I feel as soon as the housing market goes up there will be a shift by having more buyers. At the moment many are becoming comfortable and sure that the renting situation is a safe choice for now. Rent has gone up a lot in the past 3 years while home values have dropped shown here infographic . More investors are taking advantages for extra income renting out.
Posted by: John Evan Miller | Dec 8, 2011 11:28:13 AM