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Charleston was recently identified as one of the top 25 markets with the largest Rental Rate Increase!
The results of the latest Rent vs. Buy Report from Trulia show that homeownership remains cheaper than renting with a traditional 30-year fixed rate mortgage in the 100 largest metro areas in the United States.
Other interesting findings in the report include:
- Interest rates have remained low, and even though home prices have appreciated around the country, they haven’t greatly outpaced rental appreciation.
- Nationally, rates would have to reach 9.1%, a 145% increase over today’s average of 3.7%, for renting to be cheaper than buying. Rates haven’t been that high since January of 1995, according to Freddie Mac.
Renting or Buying....Either Way....You are Paying a Mortgage!
Buying a home makes sense socially and financially. If you are one of the many renters out there who would like to evaluate your ability to buy this year, call me today and let's start chatting. And, even though home ownership comes with great responsibility, you might be surprised how achievable home ownership might be!