Most Americans see renting their home as the way to spend less, but in today’s market, it seems the tables have turned. With rising rents and great values on new homes, it’s no longer a question of “can I afford to buy a home?” but rather “can I afford to keep renting?”
Across the nation, housing markets are making it clear that buying a home is more affordable than ever before. In many locations, monthly house payments are actually equal to or even less than the rent of comparable apartments. In fact, today the only metropolitan areas where renting is still the most inexpensive option are San Francisco and Honolulu, whereas last summer buying a home was only more affordable in 75% of the top 100 markets.
Add in the fact that buying a home means you can customize it, build equity, lock in payments and establish a place that’s yours, and owning starts to sound like the obvious choice.
For more information, check out this article, or for a more visual understanding, peak at the infographic below.
Infographic created by MortgageRefinance