A recent 2015 report shows that in Michigan it's 40% cheaper to buy a home than to rent one on average, which is up from 33% in 2014.
Overall home ownership prices come with loan bills, taxes, final costs, repairs, and insurance coverage. Overall renting prices come with renter’s insurance coverage and safety deposit. Additionally they took into account the alternative value of the usage of cash to shop for a house as a substitute of making an investment, and they usually think of a 3.87% rate on a 30-year fixed-rate mortgage. On the other hand, in different areas, specifically California and Hawaii, purchasing a house could also be a harder decision, because it’s often 16% less expensive on average to shop for than renting there.
Anyway, all issues thought to be, they estimate that in the biggest metropolitan areas throughout the country, purchasing is less expensive than renting over a seven-year duration.
If you are considering buying a new home and would like information on new market listings for sale, or are first time home buyer and would like to schedule a consultation with a qualified Michigan Realtor, reach out to us by our contact form to have a Lang Premier Properties Realtor contact you. Lang Premier Properties are experienced real estate agents specializing in Oakland County Real Estate. Stephanie is an agent with Lang Premier Properties. See what past clients have to say about Stephanie Lang. Lang Premier Properties looks out for your best interests when you purchase a new custom luxury home. We always recommend working with an experienced luxury real estate agent when buying new luxury estate.