Did you know that it is actually cheaper to own a home than to rent one? Low interest rates have made owning a home easier for many people.
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A recent study by GOBankingRates looked at the costs of renting vs. owning a home at the state level. The study concluded that in 36 states, it’s actually cheaper to own a home than to rent one.
One reason owning a home has remained significantly less expensive than renting one is that interest rates have remained near historic lows. Nationally, interest rates would have to rise 10.6% for renting to be cheaper than buying, and rates haven’t been that high since 1989.
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Interest rates would have to jump 10.6% for renting to be cheaper than buying.
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Buying a house makes sense socially and financially. If you are one of many renters who would like to analyze the possibility of buying a home this year, or if you have any other real estate questions, give my team a call. We would be happy to help you!
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