The Current Cost of Renting vs. Buying

Deciding to buy a home instead of renting is a tough call, especially in a hot real estate market like this one where housing is scarce. This infographic shows that the tide has shifted a bit, and it will actually cost you less to purchase a home than it is to rent a home, apartment, condo or townhouse. Buying right now costs significantly less than renting.

 

Here are some other statistics from Trulia’s Rent vs. Buy Report:

  • Interest rates remain low, and though home prices are appreciating, they haven’t outpaced rental appreciation.
  • Shifts in the ‘rent vs. buy’ decision are largely driven by changes in mortgage rates.
  • Nationally, rates would have to reach 9.1% (the current average is 4%) for renting to be cheaper than buying.

For more on renting versus buying, please read these two previous blog posts:

If you’re thinking of buying instead of renting this summer, give us a call. We can help you analyze your situation, so you can make the right choice.

About Marti Reeder

I am a full-time, full-service REALTOR® for John L. Scott, Kent-Covington, Washington. Serving primarily the South Puget Sound, my goal is to provide my clients with first class service and to make the home buying or home selling process as simple as possible.