The results of the latest Rent vs. Buy Report from Trulia
show that homeownership remains cheaper than renting with a traditional
30-year fixed rate mortgage in the 100 largest metro areas in the
The updated numbers actually show that the range is
an average of 17.4% less expensive in Honolulu (HI), all the way up to
53.2% less expensive in Miami & West Palm Beach (FL), and 37.7%
Other interesting findings in the report include:
rates have remained low, and even though home prices have appreciated
around the country, they haven’t greatly outpaced rental appreciation.
prices would have to appreciate by a range of over 23% in Honolulu
(HI), up to over 45% in Ventura County (CA), to reach the tipping point
of renting being less expensive than buying.
would have to reach 9.1%, a 145% increase over today’s average of 3.7%,
for renting to be cheaper than buying. Rates haven’t been that high
since January of 1995, according to
a home makes sense socially and financially. If you are one of the many
renters out there who would like to evaluate your ability to buy this
year, let’s get together to help you find your dream home.