I’ve become aware in my few years working as a realtor with Weichert Realtors/Paupack Group that many people in our Northeast PA area decide not to buy a home at all but aim, instead to save some cash and rent their home. This can certainly be logical for any number of reasons – they may feel that it makes more sense to work on rebuilding their finances or to put some extra cash into a rainy day fund, save for retirement, or for college.
These are definitely laudable strategies, but the new long term – big picture reality – seems to be taking shape where renting may not be as much of a cost saver as most people think!
Yes, I know, it is my job as a realtor to help people buy homes, but, it is also very important for me to help my customers make the best financial decision that is right for them and their family. So, as Spring is upon us, I am especially delighted to be able to report on a piece of information I found that may surprise you!
The latest published Trulia Spring 2012 Rent versus Buy index basically takes data from 100 major city markets and found that 98% of those 100 areas currently offer a cheaper environment in which to buy a home than to rent it! To come to this conclusion, Trulia checked out the asking prices of national rentals and homes for sale. The total numbers included insurance, taxes and maintenance costs in the calculation. With low interest rates making the monthly mortgage cost lower, and high rental rates bringing the rental rate higher, many would-be renters might now find themselves looking at a surprising new reality — affordable homeownership!
So, just sayin’, if you’re considering renting or buying a home in our beautiful Northeast Pa area, why not sit down with me in our Weichert Realtors/Paupack Group office to run your numbers first? I am happy to schedule time to discuss your needs before you sign that lease.
Today it is entirely possible that for you, owning a home will just be cheaper than you think!
Lauren Bianco, Weichert Realtors/Paupack Group