Says Trulia, homeownership is 38% cheaper than renting nationwide, though rising mortgage rates and home prices have narrowed the gap over the past year. Still, you'd have to wait until mortgage rates rise to 10.6% before renting become cheaper than buying nationally. Locally, they've determined it's 34% cheaper to buy than to rent in Seattle, versus 42% at this time last year.
Take Trulia's Rent vs. Buy calculator for a test spin yourself and
see if it checks out for you. Depending on how much you're paying, it could
swing the other way.
· Buying a Home 38% Cheaper Than Renting – But How Risky Is It? [Trulia]
· Rent vs. Buy Calculator [Trulia]