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매일 뉴스 (Daily News)

Buying beats renting in most U.S. cities

By Les Christie @CNNMoneyAugust 2, 2012: 11:10 AM ET

 
Buying  a home in most major markets will end up being cheaper than renting one.Buying a home in most major markets will end up being cheaper than renting one.

 

NEW YORK (CNNMoney) — For people who are willing to stay put for a few years, buying a home has become a much betterdeal than renting in almost every major housing market in the nation.

In more than 75% of the 200 metro areas analyzed by real estate listing web site Zillow, homeowners would reach a “breakeven point” where owning the home makes better financial sense than renting it — in three years or less.

 

 

“Historic levels of affordability make buying a home a better decision than ever, especially considering rents have risen more than 5% over the past year,” said Stan Humphries, chief economist for Zillow.

The survey was Zillow’s first buy-versus-rent analysis, incorporating all homeownership costs, including down payments, closing costs, mortgage payments, property taxes, utilities and maintenance costs, and compared them to rental costs. It also took into account projected home price appreciation and rent increases, as well as tax deductions and inflation.

Zillow’s findings support other reports that show that rising rents, record-low mortgage rates and falling home prices have made homeownership a more attractive option.

In some of the metro areas Zillow looked at, home buyers would break even in less than two years.

In Miami, for example, a homebuyer would only have to stay in their home for about 1.6 years for the purchase to pay off, Zillow said.

Homes in the metro area are selling for about 45% less thanthey were five years ago. Meanwhile, over the past three years, rents have climbed 20%, according to RentJungle.

Miami’s metro area, along with Tampa, Fla., Memphis, Tenn., and several smaller cities, have the shortest break-even times of the markets Zillow analyzed.

Renters still have the upper hand in some cities. It would take home buyers in San Jose, Calif., 8.3 years to break even on their homes — the longest period of time of any of the metro areas Zillow surveyed. Other big cities where buying was not such a good a deal were Honolulu, at a six-year break-even point, and San Francisco at 5.9 years. To top of page

 
Buy vs. rent in 30 major cities
City State Breakeven time in years
New York N.Y. 5.1
Los Angeles Calif. 4.3
Chicago Ill. 2.8
Dallas Texas 2.1
Philadelphia Pa. 3
Washington D.C. 3.5
Miami Fla. 1.6
Atlanta Ga. 2.5
Boston Mass. 4.3
San Francisco Calif. 5.9
Detroit Mich. 1.7
Riverside Calif. 2
Phoenix Ariz 1.7
Seattle Wash. 4
Minneapolis Minn. 2.7
San Diego Calif. 3.6
Tampa Fla. 1.6
St. Louis Mo. 2.5
Baltimore Md. 2.8
Denver Colo. 2.5
Pittsburgh Pa. 2.1
Portland Ore. 3.5
Sacramento Calif. 3.1
Orlando Fla. 1.7
Cincinnati Ohio 2.1
Cleveland Ohio 2.4
Las Vegas Nev. 1.7
San Jose Calif. 8.3
Columbus Ohio 2.4
Charlotte N.C. 2.7
Source: Zillow
First Published: August 2, 2012: 5:48 AM ET

About jennyformiamihome

성심껏 도와드리겠습니다. 연락주시면 바로 상세히 답변드립니다. Jenny Shin / 신정미 부동산 (Broker's Real Estate) 남부 플로리다 마이애미 지역 한인 부동산 주택매매 렌트 싱글하우스 타운하우스 콘도 브라워드 카운티 마이애미 데이드 카운티 포트로더데일 웨스턴 코랄스프링 도랄 Rent or Buy single house, town house and Condo Miami Dade County / Broward County, fort lauderdale, coral springs, copper city, weston, doral 1398 SW 160TH AVE. SUITE 105 Weston, FL. 33326 Direct : 954-551-0236 Office : 954-384-1616 Fax : 954-697-0447 E-mail : jenny_shin62@hotmail.com

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JENNY SHIN PROFILE


Jenny Shin / 신정미 부동산
(Broker's Real Estate)
1398 SW 160TH AVE. SUITE 105
Weston FL 33326
Direct : 954-551-0236
Office : 954-384-1616
Fax : 954-697-0447
E-mail : jenny_shin62@hotmail.com

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