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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 the 100 largest metro areas in the United States.
The updated numbers actually show that the range is an average of 3.5% less expensive in San Jose (CA), all the way up to 50.1% less expensive in Baton Rouge (LA), and 33.1% nationwide!
Other interesting findings in the report include:
- Interest rates have remained low and, even though home prices have appreciated around the country, they haven’t greatly outpaced rental appreciation.
- With rents & home values moving in tandem, shifts in the ‘rent vs. buy’ decision are largely driven by changes in mortgage interest rates.
- Nationally, rates would have to reach 9.1%, a 128% increase over today’s average of 4.0%, for renting to be cheaper than buying. Rates haven’t been that high since January of 1995, according to Freddie Mac.
Bottom Line
Buying a home makes sense socially and financially. If you are one of the many renters out there who would like to evaluate your ability to buy this year, let’s get together to find your dream home.
Throughout February and March, a variety of fun events helped motivate teams to work hard and focus on their skills. In the end The Grinders, with 
Kim is no stranger to real estate. For the past 12 years she has been licensed in both New York and New Jersey. The Managing Broker at Green Team New Jersey Realty, Lasalandra is a member of The Hudson Gateway Association of Realtors, The Passaic County Board of Realtors, The Sussex County Board of Realtors, The Garden State Multiple Listing Services and the National Association of Realtors.
