Looking at the latest Rent vs. Buy Report from Trulia, we can see that homeownership is still cheaper than renting with a traditional 30-year fixed rate mortgage! Not only that, but it is 36% cheaper nationwide!
Wisconsin is up there with the Midwest in that it is still cheaper to buy than to rent. Interest rates are staying at historic lows and that means that more people have the option to buy with such great rates. Residences in Milwaukee continue to increase rent month, after month and a study found that rent is actually at a record high right now in the city. This statistic points to the high demand and low inventory in Milwaukee. So if there is low inventory, why not buy your home for a cheaper price than you would rent?
To drive our point home, nationally mortgage rates would have to rise up to 10.6% for renting to be cheaper than buying, and rates haven’t been that high since 1989!
Buying a home makes sense financially, personally and socially! Talk to one of our Shorewest, REALTORS® today about buying your home – your bank account will thank you!
Source Credit: Keeping Current Matters