Trulia released their Rent vs. Buy Report last week.
The report explained that homeownership remains cheaper than renting in all of the 100 largest metro areas by an average of 38%.
The 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 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.
- 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.
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.
Click here to search Northern Illinois Homes for Sale.
Thinking of making a move?
Log onto my website at www.StarHomeTeam.com and search Northern Illinois Homes for sale.
Easily search Northern Illinois Homes for Sale with photos, open houses and virtual tours at StarHomeTeam.com
Jim Starwalt, Real Estate Broker
Find Me Online
2014 Real Estate: Buying a Home Less Expensive than Renting by 38%