Median rental payment now equivalent to median mortgage payment


Median rental payment now equivalent to median mortgage payment
By Scott Rogers • October 18, 2011
There are plenty of ways to compare the opportunities of renting versus when buying. For example, a tenant in Avalon Woods recently discovered that he is paying more in rent per month than he would have to pay for a mortgage in purchasing this fantastic townhouse. This phenomenon is apparently also happening from an overall perspective as well, though, as median rental payments have now increased enough and mortgage payments have now decreased enough such that the median values are equivalent. The extraordinarily low interest rates we're seeing these days definitely help! Source: Capital Economics, Thomson Reuters As this insightful article points out, however, the up front costs of buying (closing costs) are typically much higher than those related to renting (a refundable security deposit). Furthermore, it is quite a bit easier to decide to stop renting (provide notice to landlord) than it is to stop owning a home that you bought (sell it). Receive Updates by Email Recent Articles: There Are Plenty Of Types Of Houses That Exist That Just Are Not Available To Purchase Home Sales By Price Range In The City Of Harrisonburg Are You Compromising On Aspects Of Your Next Home That You Can Or Cannot Change Later? How Much Slower Are The Winter Months In Our Local Housing Market? Rockingham County and New Home Sales Drive Surge in Area Housing Market Find The Balance Between Optimistic And Realistic Home Pricing Room Size Is Difficult To Understand Solely From Real Estate Photos How Much Would You Value Not Having To Prepare Your Home For Showings? One Out Of Four Homes Is Taking Longer Than A Month To Sell Consider The Cost Of Your Planned Renovations When Planning Your Offer
Have any questions? Contact Scott Rogers at 540-578-0102 or scott@funkhousergroup.com
Based on information from the Harrisonburg-Rockingham Association of REALTORS® or its MLS, for the period Jan 1, 2000 through Nov 21, 2024 (unless otherwise noted).
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