In short, yes.
Let's take a look at some of the details:
1. While it is true that home prices are on the rise, renting prices have gone up even higher in this new market.
2. Mortgage rates are at a low right now, and if you plan to stay in your home for at least seven years, you can really capitalize on this.
3. While hard numbers really depend on where you live, buying has proved cheaper than renting in all 100 major metro areas in the US.
4. To gain the most savings in this scenario, be sure to itemize your tax-deductions.
5. If you cannot get a low mortgage rate, itemize your tax deductions or stay in your home for at least seven years, the price of buying will increase. So carefully consider all of these factors.
The bottom line is choosing whether to rent or buy is a personal decision. It depends on many factors in your lifestyle - finances being just one of them. If long-term cost savings is your priority, consider buying a home to recieve the most benefit. For more information, read here or contact Lang Premier Properties to talk to specialist who can answer all of your buying and renting questions.
Lang Premier Properties is home to a leading Oakland County Short Sale Realtor. Specializing in all aspects of real estate including Troy, MI short sales, foreclosures and working with home buyers and sellers with Macomb County Luxury homes. When you hire Lang Premier Properties, whether you are purchasing or selling Metro Detroit Real Estate, you can rest assured that you are in good hands.