By Jennifer Riner, Trulia
It’s one of the most common questions in real estate: should I rent or should I buy? For most aspiring homeowners who plan to stay in the same city for a period, buying is the preferred route. Instead of paying off the landlord’s mortgage, homeowners’ monthly payments are funneled into their own investment that, typically, increases in value over time. The better question is – which can I afford?
You’ve probably heard – at least in recent years – homeowners save thousands compared to renters. According to Trulia, buying is a better deal in every major U.S. metro – at least for those with an average budget who plan to stay in the home for at least seven years. The calculation also assumes 20 percent down upfront on a