Home Value Appreciation Stops Falling, Begins to StabilizeThe percentage of home price appreciation on a year-over-year basis has decreased each month for over a year. The question was how far
Stop Losing Money
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.
Latest Blog Posts
Thinking of Selling Your House? This is a Perfect Time!It is common knowledge that a great number of homes sell during the spring buying season. For that reason, many homeowners hold off
Do You Know How Much Your Home Has Increased in Value?Last year we saw headlines about a possible housing market bubble, and many wondered if Americans still felt confident about the value of their
3 Things You Need in a Shifting Real Estate MarketWhether you are thinking of selling your house or buying a home, today’s real estate headlines can be confusing – perhaps even concerning. What