Asked by Katb, Jersey City, NJ • Wed Nov 16, 2011
We are city people getting ready to make the leap to the burbs. Before we purchase a home, we want to rent one for about a year. Since many homes are listed for both sale and rent, we're seeing a big disconnect between sale price and rental price. For instance homes listed for $700-800K are listed for rent for about $3500-$3800 a month. But homes listed for sale at $500K-$550 are also being listed for rent at about the same price. The latter are smaller and not as updated but are commanding the same price on the rental market. This wouldn't matter; we would just get the best house for the $$$, but ideally we want to purchase the house we end up renting. We can afford the rent but won't be able to afford the payments on a 700K house.
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