*The amount of time you need to own your home in order for owning to be a superior financial decision.
With expensive rental rates, historically low interest rates, and home prices softening, there are advantages to buying versus renting.
In fact, the Seattle Metro area has seen some of the sharpest rent hikes in the country over the last few years! There are several factors to consider that will lead you to make the best decision for your lifestyle and your financial bottom line. Zillow Research® has determined the break-even point for renting versus buying in our metro area. In other words, the amount of time you need to own your home in order for owning to be a superior financial decision. Currently in Seattle, the break-even point is 1.69 years – that is quick! What is so great about every month that ticks away thereafter, is that your nest egg is building in value.
I am happy to help you or someone you know assess your options; please contact me anytime.
These assumptions are based on a home buyer purchasing a home with a 30-year, fixed-rate mortgage and a 20 percent down payment; and a renter earning five percent annually on investments in the stock market.
Read the full article on the Zillow Research website here
Zillow Research® is a trademark of Zillow, Inc.