A frequent question is: Should I keep renting or buy??
In today's market, I have been answering "buy"!!! As can be seen in David Katz's data below, the current 4% rates make buying the hands down best decision.
Even up to $250,000 loan, the principle and interest is under $1200 rent. In Hampton Roads, many rentals over 1000 sq.ft are over $1000. Thus any qualified person can easily find a home at or just above the rent being paid now. As a reward, he/she become a home owner with all the benefits that come with home ownership and receives a tax benefit that actually reduces their actual out of pocket for a place to live!!
Note: this value equation disappears or becomes hard to make work what rates are 7 or 8%.
So if you or someone you know is renting now is the time to act.
Call me now if in Hampton Roads....if in Cleveland, call a local Realtor!!!
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