Home Buying Could Soon Beat Renting
By John W. Schoen, Senior Producer
Falling home prices have sent many would-be buyers to the sidelines. If all goes well, record low interest rates and rising rents may soon prompt some of them to take a second look at buying.
Unfortunately, that's a big "if," according to Paul Diggle, a housing economist at Capital Economics.
Much of the decision to buy a house still depends on your personal finances and preferences, your career or family life, or level of financial security.
But if you’re comparing just the cost of owning and renting, buying a house may soon be the better choice, according to Diggle.
Until recently, home ownership was no bargain compared to renting, according to his analysis. A 33 percent drop fall in home prices, a plunge in mortgage rates and 15 percent rise in rents since the housing crash has evened the scales. Today, the median monthly mortgage payment of about $700 has fallen to about the level of a median monthly rent check.
If mortgage rates keep falling and rents keep rising, the equation will tip even further toward owning. Read More>
Uploaded by ReginaldWimbley on Jan 10, 2010
Almost everybody has a dream home. A place they like to wander through in their thoughts, choosing imaginary wallpaper and putting in imaginary skylights. But for too many people, dream homes remain just that dreams. The reality of owning there own home and the financial benefits that accompany home ownership never seem to become theirs. They continue wasting hundreds of dollars each month on rent building someone else's wealth and living by someone else's rules.
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