Buying Better Than Renting in Most Big Cities - myfoxcarolinas.com

Buying Better Than Renting in Most Big Cities

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Rent or Buy? For a lot of people looking to settle into a new home, it's a tough question to answer.

For first time home buyer Austin Ryan and his wife Sabina, the decision to take the plunge into ownership came after plenty of number crunching.

"What it finally ended up being was just month to month, looking at cost. And in the long run of buying... with HOA fees, with everything, it's still less than paying rent at most apartment complexes," Austin says.

The Ryan's are not alone. According to Zillow, in most big American cities, buying a home makes more sense than renting. In Charlotte, if you plan on staying in your place for two years or more, it pays to purchase. After taking into consideration costs associated with both options, Zillow found the same to be true for most U.S. cities.

Realtor Danielle Wasser says it's just a matter of getting the right information.

"Having worked with so many buyers who were once renters and just seeing the transition...once you sit down with them and crunch the numbers, and show them the difference, the tax benefit they get...it pretty much washes out what they were paying in rent," she says.

The equity built in about two years makes it worth it to purchase rather than spend money on rent every month. This is true even after factoring in things like maintenance costs and repairs.

Mortgage lender John Ficarrotta says interest rates are an important part of the equation.

"Now interest rates are still typically lower than the average, over the last 200 years, the average is still lower now," he says.

Once buyers get past the down payment, low interest rates and high rent prices make purchasing a home the economic choice.



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