According to Trulia’s blog, buying a home is still cheaper than renting a home in all of the 100 largest metro areas in America.
Buying Better Than Renting
Trulia’s Chief Economist, Jed Kolko, says homeownership is 35% cheaper than renting in all of our nation’s largest metro areas. How can this be? Put simply, even if mortgage rates are rising, they are still very low historically. Home prices are rising too – but only after hitting devastating lows. The truth is that prospective borrowers are facing increasing rates, prices and pressure – especially when you consider that buying was 45% cheaper than renting one short year ago.
Making Rent or Buy Decisions
Renting versus buying decisions depend on where you live, what mortgage rate is available, the tax bracket you fall into, how long you plan to stay in your home and more. Use Trulia’s Rent vs. Buy interactive map to see how variations in mortgage rates and tax brackets may alter a prospective home buyer’s decision. Trulia factors in total costs of homeownership into its calculations – including taxes, insurance, maintenance, etc.
Low Down Payment Lending Options
According to a recently released report by the Federal Reserve, 48% of home purchases were made via low down payment options available through the Department of Veterans Affairs and the Federal Housing Administration. Inlanta Mortgage is pleased to offer both FHA and VA mortgage loans. Inlanta Mortgage also offers USDA rural development loans to those who meet eligibility requirements. USDA, VA, and FHA loans are well suited to those who do not have 20% down payment.