Buying vs Renting: Recent Study Shows It Is Cheaper to Buy a Home
Buying vs Renting a home has always been a great debate. Both have their pros and cons and when making the decision you need to look at your personal situation, weigh the pros and cons, and make an educated decision. James Rosen of Fox News recently published an article called SHATTERED DREAMS: Buying beats renting in most cities, studies find. In the article Rosen discusses how in a recent study done by Trulia of residential units done in the most populous 100 metropolitan areas of the America's it was found that buying a home was less expensive than renting in 98 of the areas. Chief economist for Trulia, Jed Kolko says "we've seen (home) prices fall so much, and at the same time rents have been rising in many cities." Other studies and reports confirm these trends that Trulia has found. The Wall Street Journal saw that median rents rose 3% from January 2011 to January 2012, while home values decreased by 4.6%. Zillow also saw a 3% rise in rental prices nationwide. With this new information there is a good chance that more people will be seeing that they should buy a home when contemplating buying vs renting. We are already seeing this to be true as the latest National Housing Survey by Fannie Mae found that most American regard home ownership as more sensible in the buying vs renting debate.
Now is a great time to buy a home.
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