GeographyWhere you live, or want to live, will also have a major influence on whether you rent or buy. Just remember, these markets are subject to change as the boom shifts to other areas. This is where knowing neighborhood comps and sales price histories will come in handy.
For example, with current high-housing costs in markets like San Francisco, Honolulu and New York, many people find renting a place to be far less expensive than owning a home. The same can be said for areas such as Los Angeles, Seattle and Washington, D.C.
On the flip side, however, there are places like Atlanta, Dallas and Houston, where the cost of owning a home is much lower. This is where home ownership may prove the better choice.
And, if investing is your primary motivator for owning a home, then geography and market trends will be even more critical drivers in your rent versus buy decision. Neighborhood sales price histories are strong indicators of what’s to come. If it looks like an area is declining in value, then you would be better off renting until homes begin to appreciate.Pay a landlord or pay a bank? As the housing boom chills, the controversial question has renters and owners alike asking: Am I better off buying now, or renting?
While this dilemma certainly centers on the financial aspects of the deal, other key factors, such as geography and lifestyle, play critically important roles in the decision-making process. Without all three factors considered, it’s all but impossible to make a true-value choice.
To help paint a more genuine picture of the costs of renting and buying, Move conducted a survey among the renters visiting its Web site.
The analysis was done by comparing median rental prices in the 20 most-searched metro areas for two-bedroom apartments to the median monthly mortgage payments for a single-family residence in those same markets using the latest survey of home prices by the National Association of REALTORS®. The cost differences were as follows:
For example, with current high-housing costs in markets like San Francisco, Honolulu and New York, many people find renting a place to be far less expensive than owning a home. The same can be said for areas such as Los Angeles, Seattle and Washington, D.C.
On the flip side, however, there are places like Atlanta, Dallas and Houston, where the cost of owning a home is much lower. This is where home ownership may prove the better choice.
And, if investing is your primary motivator for owning a home, then geography and market trends will be even more critical drivers in your rent versus buy decision. Neighborhood sales price histories are strong indicators of what’s to come. If it looks like an area is declining in value, then you would be better off renting until homes begin to appreciate.Pay a landlord or pay a bank? As the housing boom chills, the controversial question has renters and owners alike asking: Am I better off buying now, or renting?
While this dilemma certainly centers on the financial aspects of the deal, other key factors, such as geography and lifestyle, play critically important roles in the decision-making process. Without all three factors considered, it’s all but impossible to make a true-value choice.
To help paint a more genuine picture of the costs of renting and buying, Move conducted a survey among the renters visiting its Web site.
The analysis was done by comparing median rental prices in the 20 most-searched metro areas for two-bedroom apartments to the median monthly mortgage payments for a single-family residence in those same markets using the latest survey of home prices by the National Association of REALTORS®. The cost differences were as follows:
No comments:
Post a Comment