Key Highlights
- New study by LendingTree indicates median housing costs for renters lower
- Choice to rent or buy nearly always about money
The Dilemma – To Buy or Rent
Choosing to buy a rent or buy has caveats on both sides of the ledger.
On the renting side are flexibility and no down payment. On the buying side are the possibilities of a profitable long-term investment, tax benefits and the reality that the homeowner, not the landlord, decides whether or not and when to stay or go.
Then, There’s the Money Side of Equation
In today’s sizzling hot market with for-sale house inventories at record bottoms and escalating home prices, many wannabe homebuyers have already backed away from their dreams of homeownership and/or of downsizing/trading up.
Meanwhile, urban metros have been seeing falling rents and rent concessions…though there are now emerging indications that rent prices are beginning to stabilize. Still, it’s a good time to sign a lease from a money point of view.
Recent Study Indicates Renting Cheaper than Buying
LendingTree looked at median housing costs for homebuyers and renters in all 50 of the country’s largest metros.
The study’s findings? Median housing costs for renters were lower than for homeowners with a mortgage in all 50 largest metros.
Take a Look at Greatest Monthly Differences in Median Housing Costs:
Metro         Rent       Mortgage Cost     Difference
New York      $1,439      $2,802        $1,363
San Francisco   $1,905      $3,088        $1,183
San Jose       $2,249      $3,347        $1,098
Los Angeles     $1,545      $2,581        $1,036
Boston        $1,475      $2,427        $952
Providence      $968       $1,894        $926
San Diego      $1,658      $2,578        $920
Hartford       $1,116      $1,969            $853
Sacramento     $1,290      $2.063            $773
Chicago        $1.122       $1,888           $766
Smallest Monthly Differences in Median Housing Costs
Memphis       $930        $1,331       $401
Phoenix        $1,124            $1,514       $390
Nashville       $1,073            $1,462       $389
Atlanta         $1,156            $1,544            $388
Las Vegas       $1,132            $1,517            $385
Charlotte       $1,030            $1,398            $368
Jacksonville      $1.093            $1,461            $368
Indianapolis      $916               $1,280            $364
Tampa          $1,115            $1,458            $343
Orlando         $1,210            $1,506            $298
Thanks to LendingTree and The New York Times.
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