Buying A Home is 44 Percent Cheaper than Renting!
Thanks to low mortgage rates, buying a home is still 44 percent cheaper than renting! By calculating the average rent and for-sale prices on nearly identical sets of properties on Trulia, experts analyzed the total monthly costs including maintenance, insurance, and taxes.
As it turns out, buying is cheaper…a lot cheaper! Certain places are comparatively more expensive to buy (San Francisco, Honolulu, NYC) but buying in other metro areas are comparatively dirt cheap (Detroit, Cleveland, Memphis).
The Philadelphia area lands right smack in the middle on the home buying affordability scale, clocking in right around the “44 percent cheaper” average.
Thinking of buying your first home? Moving to a new area and can’t decide whether to rent or buy? We’d love to help you out…even if it’s just answering a few questions! 215 699 5555
(Information courtesy of Trulia)