Cheap, cheaper, cheapest!
Reason #4: Buying continues to be cheaper than renting?
Jed Kolko, chief economist of Trulia, an on line residential real estate site for real estate
professionals, Says: “Homeownership compared to renting continues to be the less expensive
way to live in all of the 100 largest metro areas researched. Now, at a 30-year fixed rate of 4.5
percent, buying is 38 percent cheaper than renting nationally, versus being 44 percent cheaper
one year ago. Some markets might tip in favor of renting this year as prices continue to rise
faster than rents, and if – as most economists expect – mortgage rates rise, due both to the
strengthening of the economy and Fed tapering.”
Why buy a home now? Mortgage rates and home prices are on the rise squeezing the gap
between buying and renting.
Still wondering why buy now? Reason #5 is ready for action!