Should You Rent or Buy?Aug 2 2012
A common question has always been, should you buy a house, or should you rent? Zillow recently released a report which finds that most of the United States is better off buying a home than renting, as they’ll save more money after living in their home an average of three years, rather than living in a rented home. And in many metro areas, you could see a savings even sooner, with cities in Florida averaging a savings after 1.6 years.
More than 200 metro areas and 7500 cities in the US were shown to be a better place to buy than to rent. This report doesn’t only rely on price-to-rent ratios like normal rent vs. buy studies, but it takes into account taxes, tax deductions, down payments, utilities, appreciation, maintenance, opportunity costs and fluctuations in the rental market.
To see the complete list of cities, click here. Keep in mind that depending on where you live, renting may still be a solid option for you. To help you decide, check out our Rent vs. Buy calculator or contact one of our home loan experts in your area to discuss your options.