Hi Enriqueta, I am agree with those people who think it is better to buy now than renting in most of the cases, I understand in few cases is better to keep renting. With todayâ€™s housing market where the prices are already low in Hudson County area, and historic low interest, definitely your mortgage payments will be very low if you buy a 2 family or 3 family house. Just let me show the math and you can figured out the rest, Average price of 2 family house in House County is 240k and taxes are around 8k, if someone buy a 2 family house the PITI (Principal Interest Tax and Insurance) will be aprox. 2k +/- for a month (check with a mortgage rep.). If someone is renting provable are paying average around 1200 plus util. It that make sense to you why you should buy?. There is another 2 thing you have to put to the math.
* 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.... more
PS... I forgot to mention... the taxes and homeowners insurance is included in your payment, no matter what.... unless you put 20% down or more on conventional loans only. This was actually a question that had two answers to it. And the fact that you have to pay monies for the escrows at closing.