Rent vs. Buy: Which is Cheaper for You?
The decision to rent or buy a home depends on where you live, and also on your mortgage rate, tax bracket, how long you’ll stay put, and whether you need to pay HOA fees.
Call me shocked… but according to Trulia in the 100 largest metro areas, buying is significantly cheaper than renting. They take a bunch of variables into account (let's face it there are a ton to consider)… also note they did this across a 7 year period so varying times might change things.
Check out their interactive map at the link!
This doesn't even remotely surprise me, and I think the numbers are actually underreported for equivalent housing for Atlanta.
At least in part this is driven by almost no one being able to get a loan, so rentals are skyrocketing, especially for anything nice or walkable.
I have a couple of friends that rent and it price is generally is always more than owner. The owner set the rent on the mortgage cost, taxes and what they figure will be repairs plus $200.00. The landlord is not looking to lose money.
And they will raise rent based on what the current cost of mortgage in he neighborhood would be not their actual price.
I've got friends who won't consider owning because they don't know if they want to stick around longer than 4-5 years.
I tell them that they're probably paying enough in rent to pay off a quarter of a mortgage in 5 years around here, and if they want to move, there's always someone looking to buy.
I've always been of the opinion that renting needs to be way cheaper that buying when you're considering a place to live. If the diffrence is not extremely significant, you should go for the choice that leads to you owning the properity, instead of lining someone else's pockets and getting nothing at the end of the road.
I think financially it makes more sense but here in STL to buy a nicer home you have to move further away from the city… which means a longer commute. Studies have also shown that we'd have more happiness if we lived closer to jobs, which tend to be clustered near cities.
+Paul Spoerry
This is why we really need that self-driving car. 😉
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