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Forum » Renting is cheaper than buying
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Thread: Renting is cheaper than buying

post 1697723623 02-11-2024, 06:28 PM
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  1. Visel
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Renting is cheaper than buying

The current state of the real estate market has made the choice between renting and buying a home more important than ever. Since the pandemic, the average sale price of homes has skyrocketed by almost 40%.

According to recent reports, the typical home nationwide now has a monthly mortgage cost that’s about 25% more than rent.

In a new report by Redfin, there are only four major metro areas in the U.S. where it's cheaper to buy than rent.

Where buying is more affordable
Out of the top 50 cities in the U.S. there are only four major metros where it is more affordable to buy then rent:

Detroit
Philadelphia
Cleveland
Houston

In these areas, monthly mortgage payments are estimated to be lower than monthly rental costs.

Detroit is the city with the highest percentage discount on buying a home compared to renting. With a 24% savings, this means that the median estimated monthly mortgage payment for home buyers is $1,296, compared to a median estimated monthly rent of $1,697.

Following Detroit are Philadelphia (7% ownership discount), Cleveland (4% discount), and Houston (1% discount). These locations have experienced stagnant home values compared to the national average.
Sauce:https://www.fool.com/the-ascent/mort...n%20rent%20one

Per article date, kind of old news. But renting > buying.
post 1697723673 02-11-2024, 06:29 PM
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  1. BalognaNbeans
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Starting early this month eh?
post 1697723743 02-11-2024, 06:31 PM
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  1. theory816
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Boating is even cheaper if you have a well built boat.
🤴Supreme Self Esteem Crew
5'5 110lb(MIL Spec) Asian Master Race Crew
Yacht/Boat Crew
post 1697724043 02-11-2024, 06:36 PM
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  1. Fozzy13
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Most houses are multiple bedrooms...usually 3+

Rents would primarily consist of apartments which are largely studio - 3 bedrooms

comparing rents in a home to strictly 3+bedroom rentals would be more accurate and heavily change the narrative
n4l
Rayaarito
fappin
r32gojirra
post 1697724643 02-11-2024, 06:44 PM
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  1. radrd
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You're 11 days late on your rent. Better get your chit together before you end up on the street.
post 1697729103 02-11-2024, 08:23 PM
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  1. 4ea
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owning a house is expensive, but in the long run its the only way to be financially stable.
Merica

<I.L.H.|C.O.E.>

RIP YGST
post 1697729173 02-11-2024, 08:25 PM
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  1. FrostF
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Anyone who bought after the great scamola known as PPP loans+2% mortage rate is NOT making money.

And since the goal is to reduce the money supply, those purchases will only become more troublesome over time.

Everyone who bought during 2% mortgage and is renting out is living life on ez mode. But that won't last. We got about another 5 years before everything goes to chit regardless.
post 1697730273 02-11-2024, 08:46 PM
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