In my area, it is cheaper to own than to rent. However, even with that I advise some clients based on their needs to rent. Why? Because some don't want to be locked into a home long term, or are just not in a situation where it makes sense. Ask yourself where you see yourself in several years, and what you do or do not want to deal with when it comes to a home, and that may answer that question.
* In Hudson county area, the rentals are going up, according to the statistics, during the last year went up 4%, base in many factors, but the main factor there is no new rentals developments going on in the area, and the number of tenants has been increased.
* The other factors and very important factor is: A simple example. Let suppose you buy a house financed for 30 years and you pay your monthly mortgage with a fixed interest rate the same amount for 30 years. At the end of the 30 years the house is paid off, and your equity is the total value of the house. Now let say you live in one apartment for 30 years paying the same amount (in real life will be increased every year base in index factor) after 30 years you have nothing still looking for rental.
The average owner is 31 to 46 times more wealth simply due to creating equity in their home.
Please call a professional Realtor to get an understanding of the market and how it applies to your situation.
Licensed Associate Broker
Accredited Buyer Representative
GREEN Designated Agent
Legends Realty Group
Todays market is a big fat GO as far as buying a home is concerned.
Of course, you must have the good credit that mortgage lenders are now requiring.
Lower prices, tremendous mortgage rates all together make homeownership a really great investment today.