How Low Mortgage Rates are Increasing Home Affordability this SummerIt’s no secret that mortgage rates have dropped to historically low levels in 2020. It’s also not a secret that home prices
Buying A Home Is Less Expensive Than Renting Nationwide
According to a Nationwide study recently conducted by the folks at Trulia, buying a home vs renting can be MUCH cheaper. Here's Why:
Interest rates are at all time lows, so even though home prices have appreciated, they haven't greatly outpaced the growing rental costs most tenants have experienced over the past few years.
Nationally, mortgage rates would have to increase over 10% for renting to be cheaper than purchasing a home. An increase that large hasn't happened since 1989.
As of September 2015, the cost of buying vs renting in the Tampa Bay area was approximately 42% less than renting!
Whether you're renting or buying, you'll be paying off someone's mortgage- shouldn't it be yours instead of a landlord's?
Not sure what you can afford or where to start? Call or email us at Sandy Hartmann & Associates today. We're always here to help. We have a vast network of lenders that work with our clients to help them afford the right home. We're here when you're ready.
Gabe has been a resident of Seminole and the surrounding Gulf Beaches his entire life. His vast market knowledge of many of the trendiest Downtown and Beach subdivisions in Pinellas County is simply u....