In Asheville NC it is cheaper to buy a home than rent a home
For the first time home buyer, you know, renting is still more expensive than buying. Trulia came out with this just last month. Today, it is 44 percent cheaper to buy versus renting.
In fact, homeownership is cheaper than renting in all of America’s 100 largest metros. That’s because
falling mortgage rates have kept buying almost as affordable,
relative to renting, as it was last year.
But that opportunity isn’t going to be there forever;
Trulia even addressed that. Jeff Kolko, their chief economist,
said “Although buying a home is still cheaper than renting, the gap is closing. In 2013, the home prices should
rise faster than rents, and mortgage rates are likely to rise in the next year at the economy improves,” which
we’ve been saying all along.
People who didn’t buy a home last year may have missed the bottom of the market, but they haven’t completely missed the boat. Buying remains cheaper than renting in all 100 large metros. They should act now.
Now, one other thing I want to cover this month is one of the reasons prices are going up is the fact that
inventory is so low. There’s a very strong demand, a very small supply.
The cost, if anything, is based on the ratio
between supply and demand. With demand
as high as it is and supply as low as it is, that’s what’s driving prices.
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