Buying a home is more affordable than renting in nearly two-thirds of metros after three years of paying for a mortgage. Just consider costs associated with buying and renting, such as upfront payments, closing costs, insurance, utilities, and maintenance. Then, the online marketplace looked at historic and anticipated home value appreciation rates, rental prices, and rental appreciation rates to determine how many years would need to pass before buying becomes less expensive than renting. In 64 percent of the U.S. metro areas, buying is more affordable than renting if homebuyers plan to stay in their home for at least three years. In several large metro areas, it would only take around two years before a buyer reached the “breakeven horizon,” or the time it takes for buying to become more financially advantageous than renting. Out of the 30 largest metro areas, Miami and Detroit had the shortest" breakeven" timeline of just two years in the first quarter. The decision to buy or rent should always take into account a number of factors, one of which is how long a buyer or renter plans to stay in a property. Even in areas with relatively low "breakeven horizons", buyers should resist the temptation to buy and sell properties based only on short-term goals. And renters in these areas should never feel compelled to stretch themselves to buy if it is currently beyond their means.
Holly Hurd is a REALTOR with Coldwell Banker Weir Manuel in Northville, Michigan 48167
hollyhurd@hotmail.com
www.Northvillehomes4sale.net
Holly Hurd ~Living in the Northville, Michigan area for 40+ years , Holly Hurd is graduate of Northville High School, Schoolcraft College, Michigan State then raising her own family here Holly Hurd has first hand knowledge and knows the area quite well Please feel free to contact her for all your real estate needs
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