Renting vs Buying: The Numbers Might Surprise You
Posted by Dan Kennedy on
Sometimes renting can feel easier —
No large down payment; No surprise repair costs; No long-term commitment...
But rent keeps rising, and renters aren't building equity.
There is a lot of talk about affordability, yet when you look at the numbers, buying may make more sense than you think.
Buying Can Cost Less Than Renting
In many areas, the monthly cost of owning is lower than renting a three-bedroom home. Recent data from ATTOM shows owning is more affordable than renting in nearly 58% of U.S. counties, even when factoring in insurance and maintenance.
With slower price growth, more inventory, and easing mortgage rates, monthly payments are becoming more manageable in many markets.
It depends on the location, of course, as…
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