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Trulia Reports It's Much Cheaper to Buy Than Rent

By mdblog - September 14, 2012
A recent Trulia data report shows that you can save hundreds of dollars by buying a home instead of renting one. With today's low mortgage rates, it'd be a tough argument against homeownership. Trulia reveals that buying is 45% cheaper than renting, basing their data off a few market assumptions.  Living in your home for at least seven years and itemizing federal tax deductions are examples that are factored in this report. What difference does seven years make, you may ask? Seven years is the amount of time the average American lives in their home before deciding to move again. And by that time, you'll most likely break even on your home. There are two other reasons why buying may be cheaper in the long run: 1. Home prices have risen 2.3% year after year, whereas rent prices have risen 4.7% 2. Mortgage rates have fallen to 3.5% (the best of this summer) If you are in the 25% federal tax bracket, are able to afford a 20% down payment with a 30-year fixed mortgage rate of 3.5%, buying a home is "cheaper than renting in all of the 100 largest metros by a wide margin," according to Trulia. More specifically, if you're a Providence resident or thinking of relocating to the area, buying will be 46% cheaper than renting, according to Trulia's data report for Summer 2012. On average, the difference in savings may be up to $817.00 in monthly costs. For the full report, go to:  "Buying A Home Is 45% Cheaper than Renting"-Truliablog.com 

 

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