Buying 38% Cheaper than Renting in DC Metro
In the latest Rent vs. Buy report from Trulia, they breakdown how homeownership remains 36% cheaper than renting with a traditional 30-year fixed rate mortgage in the 100 largest metro areas throughout the United States, and 38% cheaper in the DC metro area.
A recent study by GoBankingRates looked at the cost of renting vs. owing a home at all 50 states and concluded that in 36 states it is actually ‘a little’ or ‘a lot’ cheaper to own, represented by the two shades of blue in the map below.
One of the main factors that owning a home continues to be significantly cheaper than renting is the fact that interest rates have remained at or near historic lows.
Nationally, rates would have to rise to 10.6% for renting to be cheaper than buying – and rates haven’t been that high since 1989.
If you’re having a hard time deciding to buy or rent, The Keri Shull team can meet any of your real estate needs — talk to a professional and contact us today!