The results of the latest Rent vs. Buy Report from Trulia show that homeownership remains cheaper than renting, with a traditional 30-year fixed rate mortgage, in 98 of the 100 largest metro areas in the United States.
For the 98 metros where homeownership wins out, 97 of them show a double-digit advantage when buying.
In Houston, it is more than 30% cheaper to buy than rent.
In 2016, when buying was 41.3% less expensive than renting, the average mortgage rate was the driving force behind the difference. Rates this year are the highest they have been in six years which has narrowed the gap.
Here’s what it all boils down to:
Homeownership provides many benefits beyond the financial ones. If you are one of the many renters out there who would like to evaluate your ability to buy then let’s get together to find your dream home.
I’m Leslie Don Wilson Realtor On Duty.
I want to be your Realtor. Find out why people love doing business with me.