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Buying Is Now 33.1% Cheaper Than Renting

Buying Is Now 33.1% Cheaper Than Renting in the US | MyKCM

The results of the latest Rent vs. Buy Report show that homeownership remains cheaper than renting with a traditional 30-year fixed rate mortgage in the United States.

Other interesting findings in the report include:

  • Interest rates have remained low and, even though home prices have appreciated around the country, they haven’t greatly outpaced rental appreciation.
  • With rents & home values moving in tandem, shifts in the ‘rent vs. buy’ decision are largely driven by changes in mortgage interest rates.
  • Nationally, rates would have to reach 9.1%, a 128% increase over today’s average of 4.0%, for renting to be cheaper than buying. Rates haven’t been that high since January of 1995, according to Freddie Mac.

Bottom Line

Buying 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 find your dream home.

Donald Horne, Broker / Owner
Team Success Listing LLC
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