Buying Is 45 Percent Cheaper Than Renting
The stars have aligned for home affordability, according to a new analysis by Trulia which found that rising rents and low lending rates have conspired to make purchasing a home 45% less expensive than renting, on average, in the 100 largest U.S. metros.
That savings, which averages to $771 a month, does come with some conditions: It depends upon buyers qualifying for a 3.5% mortgage rate; it also is conditional upon buyers staying in their home for seven years, the average time that Americans have historically stayed in a home before moving; and it requires that buyers fall into the 25% tax bracket and itemize their tax deductions to take advantage of benefits afforded to homeowners. Trulia's analysis also assumed that buyers put down a 20% down payment.
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