Rent or buy a home? This map has the answer

ACRMapShould you rent or buy a home? MarketWatch says it depends on where you live and that like all real estate dilemmas, rent or buy question comes down to location.  Take a look at this new resource for home renters / buyers.  

To help make the decision simpler, RealtyTrac crunched the numbers and created an interactive map of the rent/buy fault lines across America, Baltimore has the most advantageous market in the U.S. for home buyers, with a net difference of $1,160 between renting and buying. Rents there average $1,599, but the average monthly mortgage payment is just $439, based on a median sales price of $85,000.

New York City was found to be the least friendly to buyers with a net difference of $2,729 this time in favor of renters. The average rent New Yorkers pay a month is $1,852, compared with an average mortgage of $4,581 a month, according to RealtyTrac. But the reality is more complicated than that. Despite skyscraper-high prices, buyers actually have the edge in Manhattan. As for the other four boroughs: Residents of Brooklyn and the Bronx are slightly better off buying, whereas Queens and Staten Island are more favorable to renters.

Read the full article.

Source: MarketWatch

Leave a Reply

Your email address will not be published. Required fields are marked *

*

94,476 Spam Comments Blocked so far by Spam Free Wordpress

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>

*