Buying a Home is 35% Less Expensive than Renting!

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In the latest Rent vs. Buy Report from Trulia, they explained that homeownership remains cheaper than renting with a traditional 30-year fixed rate mortgage throughout the 100 largest metro areas in the United States. The updated numbers actually show that the range is from an average of 16% in Honolulu (HI), all the way to 55% in Sarasota (FL), and 35% Nationwide!

The other interesting findings in the report include:

Interest rates have remained low and even though home prices have appreciated around the country (3.9%), they haven’t greatly outpaced rental appreciation (3.7%). “In the past year, these two trends have made homeownership even more affordable compared with renting.”
Some markets might tip in favor of renting if home prices increase at a greater rate than rents and if – as most economists expect – mortgage rates rise, due to the strengthening economy.
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.

Bottom Line

Buying a home makes sense socially and financially. Rents are predicted to increase substantially in the next year, so lock in your housing cost with a mortgage payment now.

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About The Panos Team

Since 2003, Mike and Tammi have made Las Vegas their home where they have become successful agents in a highly competitive market. Our enthusiasm, integrity, diligence, work ethic and negotiation skills have well served our Buyer and Seller clients in all residential arenas including single family homes, condos, townhomes and highrise. We specialize in short sales as well as Bank Owned (REO) properties and traditional home sales. Our goal is not to be the #1 agents in Las Vegas...our goal is to be YOUR #1 agents in Las Vegas! As Las Vegas residents, we appreciate what a great place this is to raise a family, spend quality time with friends and loved ones and just simply enjoy life. We consider it a privilege to be able to help others achieve their investment goals when it comes to living in Las Vegas. We value family time, enjoy camping and riding quads, we are active in our church. We also enjoy bowling, eating ice cream, participating in our annual family talent show and just simply relaxing.
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