This is an age old question that daunts many current renters. â€œShould I make that leap and buy?â€ â€œWhen will I break even?â€ â€œCan I afford it?â€
These are all good questions, and for that I invite you to use several rent vs. buy calculators, as well as talk to experienced realtors who can give you good advice on property values and the joys/pains of home ownership.
Based on 50 major cities, Truliaâ€™s rent vs. buy Index compares the average list price to average rent on two-bedroom apartments, condos and townhomes listed on Trulia.com.
Best Places to Buy:
1) Â Arlington, Texas
2) Â Fresno
3) Â Miami
4) Â Mesa, AZ
5) Â Phoenix
Best places to Rent:
1) Â New York
2) Â Seattle
3) Â Fort Worth
4) Â Omaha
5) Â Sacramento
Buying a home is surely an excellent way to build wealth, but it is not for everyone. The â€˜American Dreamâ€™ can be the â€˜American Nightmareâ€™ for some and one has to be careful.
NY Times has an excellent article and a rent vs. buy calculator which has helped many people on the fence make a decision. You can try it out at <http://www.nytimes.com/interactive/business/buy-rent-calculator.html?ref=realestate>
If you feel you are throwing your money away on rent every year, I urge you to talk to a real estate professional in your area, who has the local knowledge of the market and can guide you based on your situation.
I would love to hear comments whether you think it is a good idea to buy or rent in todayâ€™s market.
Equity Capital Real Estate
(203) 280 3838
Experienced Realtor serving the Lower Fairfield County!