I recently read a report which has some very interesting data which I would like to share with you. This report was showing the difference between the cost to purchase a home versus the cost of renting a similar property.
The report says that it is 33% cheaper to own that home than to rent it. This is calculated upon your standard 30-year fixed-rate mortgage. It takes the cost of the mortgage monthly payment and the taxes and compares it to the rental rate for a similar home. In order for prices between a rental property and the similar home that you would purchase to be equal, the interest rate for mortgages would need to exceed 9%. The last time the mortgage rates were 9% was in 1995.
Are you still renting your home or do you own your home?
If you are still renting, when are you going to get smart and purchase a home? Call us, we can help.
