Maybe You’re Thinking About Buying a House Right Now
In fact, in every single one of America’s 100 largest metros, according to the report, owning is now cheaper than renting. For renting, these numbers include renter’s insurance and a security deposit. The numbers for owning include closing costs, maintenance, insurance, and property taxes, and assume the house won’t be sold for at least 7 years.
Are you ready to stay in a place for at least seven years, and have some money saved up for a downpayment, and a stable job you can rely on to pay the mortgage? Maybe you read about the Federal Reserve’s decision to keep long-term interest rates low, and feel okay about borrowing money from the bank to buy a house. Consider your options, which, most importantly is where you’re thinking of buying, because places like New York, San Francisco, Honolulu still aren’t that cheap.