Buying a Home in Sacramento vs. Renting – Thinking of Buying a Home in Sacramento
Mike and Jennifer Rigley (buyers) 916.378.4671 / (sellers) 916-660-5823 Info@RigleyRG.com
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In the latest Rent vs. Buy Report from Trulia, they explained that homeownership remains cheaper than renting with a traditional 30-year fixed rate mortgage throughout the 100 largest metro areas in the United States.
The updated numbers actually show that the range is from an average of 16% in Honolulu (HI), all the way to 55% in Sarasota (FL), and 35% Nationwide!
The other interesting findings in the report include:
Interest rates have remained low and even though home prices have appreciated around the country (3.9%), they haven’t greatly outpaced rental appreciation (3.7%). “In the past year, these two trends have made homeownership even more affordable compared with renting.”
Some markets might tip in favor of renting if home prices increase at a greater rate than rents and if – as most economists expect – mortgage rates rise, due to the strengthening economy.
Nationally, rates would have to rise to 10.6% for renting to be cheaper than buying – and rates haven’t been that high since 1989.
Buying a home makes sense socially and financially. Rents are predicted to increase substantially in the next year, so lock in your housing cost with a mortgage payment now. Find out how much home you can afford by getting pre-approved today
To stay up to date with Sacramento Real Estate news, Market Trends, Options and Solutions to Foreclosure and Short Sale Information log on to www.rigleyrealtygroup.com
Are you a local hero looking to buy or sell a home in Sacramento? CLICK HERE to find out about the Home Benefits for Heroes savings program NOW! Former and active Military, law enforcement, firefighters, health care providers, first responders, and teachers are but a few of the everyday heroes that may be eligible for home buying and home selling discounts through Home Benefits for Heroes
(We are now donating a portion of every closing commission to the Wounded Warriors Project. Your referrals and business help those who have given their all to our country.)
Looking for a top Sacramento realtor? Call the Rigley Realty Group of Keller Williams Realty Sacramento today at 916-378-4671 or log on to www.RigleyRealtyGroup.com to start your on-line home search now. Call us today – you’ll be glad you did.