Home Buying in Dallas>Question Details

edwardgilles…, Home Buyer in New York, NY

rent vs buy in dallas

Asked by edwardgillespie, New York, NY Fri Mar 29, 2013

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That is subjective and depends on your financials.
0 votes Thank Flag Link Wed Apr 3, 2013
As the others said, it really depends on your needs. How long you plan to be in Dallas and whether you have the funds available to purchase a home. But when it comes down to a specific property, most of the time you will find that a home in the same neighborhood, same size & similar floor plan, the rent will be a few hundred dollars more a month than a mortgage would be.
0 votes Thank Flag Link Sat Mar 30, 2013
If you are relocating to Dallas. I suggest renting for a while at first so that you give yourself enough time to adjust and get to know the neighborhoods better. Dallas has many neighborhoods with very different housing stock and characteristics. It also has various suburban cities to choose from. It makes sense to get more familiar with the areas before buying.

Once you decide on the neighborhoods you like, buying is better financially in the long run because Dallas is one of the most affordable urban housing market in the nation, but If you may relocate again within a very short time frame (less than 3 years), then renting makes sense. However, whether to buy or rent is a personal decision, what makes financial sense to others may mean a lot or mean nothing to you, just evaulate your personal situations and goals to make this decision. Good luck!
0 votes Thank Flag Link Sat Mar 30, 2013
Hi Edward,

Rent has gone up a lot in the past 2 years in Dallas Metroplex. That's why I have been working with a lot of renters are purchasing and taking advantage of the record low interest rate. Its making a starter home very affordable. Most cases its a lot cheaper than renting an apt in Dallas.

But that's if they will stay in Dallas for at least 3-5 years. It appears that you are moving from NY? So it just depends on your other personal factors.

I would be more than happy to help you either find a place to lease or purchase for your relocation to Dallas. We can look at different options and take it from there.

You can email me at dixondfw@gmail.com


0 votes Thank Flag Link Sat Mar 30, 2013
#1 how long will you stay?
#2 Rents are pretty high now. Often purchases are less per month, but have resale costs.
0 votes Thank Flag Link Fri Mar 29, 2013
Bruce Lynn, Real Estate Pro in Coppell, TX
1. Why rent ?
2. Owning a home anywhere in USA you receive annual tax benefits
3. Dallas Fort Worth area has huge boom with more inbound moves than any other state. With population growth we keep building new construction house all new residents either apts / homes/ and commercial for business.
4. Our economy is stronger than many other states.
5. You own the property no more moves when the landlord wants to increase your rent
6. Average rental amount in DFW is $1895 per month ...WOW.. why not own a home !

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0 votes Thank Flag Link Fri Mar 29, 2013
Just read this article about renting verses buying. It may be helpful to give you some insight. http://www.kcmblog.com/2013/03/27/3-financial-reasons-to-buy…

I would definitely recommend that you check with a lender to see what you can get prequalified for and what interest rates they can give you. Right now interest rates are really good and it is a good time to buy and may cost you less or the same as renting.

I am glad to help you find a great lender if you need some recommendations. If you decide to buy, I would love to help you find one that works just right for you.

Jennfier Blackwood
RE/MAX About Dallas
0 votes Thank Flag Link Fri Mar 29, 2013
Depends on your plans and goals for the next couple of years. But overall as a simple rent vs buy calculation then it would be "BUY".

0 votes Thank Flag Link Fri Mar 29, 2013
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