Its a buyers market, therefore we say BUY! Home prices have dropped and will only go up. Minimal interest rates and the cost of rental properties on the rise, now is the time for renters to really consider buying house. HouseSavvy, a premier real estate & relocation organization agrees with us.
When housing bubble burst in 2006, the cost of buying a house was higher then renting, but now the tables have turned. Rental cost had remained on the higher side in many communities. If you combine the decrease in home prices, high rental costs and historically low interest rates; the time may be ideal for renters to consider buying.
Deutsche Bank recently did a study that reported the share of income Americans are now paying to own their homes is 9.8% after mortgage, further says that in 28 out of the country’s 54 major markets, its now less expensive to pay a mortgage and other major housing costs than to rent the same house.