Rent vs Buy in Erie>Question Details

Phillip G., Home Buyer in Philadelphia, PA

My family is moving to Erie as I will be attending medical school at LECOM. Should we rent or buy?

Asked by Phillip G., Philadelphia, PA Fri Feb 1, 2008

0 votes Share Flag Rent vs Buy in Erie

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8
Hello
I have a 3 bedroom two bathroom home with garage and yard for sale. You can always rent two rooms out and that would help you pay some of your mortgage. If interested please call 814 449-7234
Close to Lecom
0 votes Thank Flag Link Mon Jun 10, 2013
Look at it this way: If you rent, you'll spend at least $48k over four years. If you buy, there's a chance you won't earn good equity; BUT, some-equity-to-a-small-loss is probably less than -$48k. Oh, this is from 2008. Well, hope you made a happy choice.
0 votes Thank Flag Link Wed Jul 20, 2011
With historically low interest rates it is a great time to buy a home. Why pay rent, when you can build a little equity? Our market, historically, shows a 2-5 percent increase in value per year. While there is no guarantee on that return, we do not experience the volatility of some other markets in the country. My contact information can be found at http://www.JimMcCall.net . I look forward to hearing from you soon. Welcome to Erie, a beautiful place to live.
Web Reference: http://www.jimmccall.net
0 votes Thank Flag Link Fri Jun 6, 2008
My husband went to LECOM and we bought a house near the school. It has been sitting on the market for months. I would advise renting if you want to leave the area fairly quickly. I am now forced to stay behind waiting for the house to sell while my husband leaves for his residency.
0 votes Thank Flag Link Thu May 22, 2008
I have a great property for sale that is a duplex, it would give your family a low cost of living and you would have the opportunity still build equity in a house. I moved out of the state for work and I am looking to sell the property so that I do not have to manage it from so far away. It is at 1222 East 28th Street in Erie.
0 votes Thank Flag Link Thu May 15, 2008
Hello Phillip,

Our price in Eire are very reasonable, in fact I currently have a home listed under $100K from a seller who will just be graduating from LECOM. They will make a small profit after three years which is not that bad given they built equity for three years instead of renting! I think if you were to buy a reasonably priced home in a decent area you should be fine. I'd love to help you if you are interested. I been selling homes in Erie for over 20 years and I love to help folks get into a home!

If you are interested give me a call or email and I would be happy to send you a list of homes with your criteria; dfries@coldwellbankererie.com or 814-440-7085
Web Reference: http://www.debbyf.com
0 votes Thank Flag Link Fri Feb 22, 2008
Lots of great places to rent very near to LECOM!
0 votes Thank Flag Link Mon Feb 18, 2008
It would really depend on you financial situation but if your family is going to be in Erie for four years, you might want to consider buying. The last statistics I saw showed that around 10 percent of LECOM medical students purchased homes. The average home price for 2007 in Erie County was $129,000.
0 votes Thank Flag Link Fri Feb 1, 2008
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