Thursday, March 31, 2016

Renting vs Buying

Renting vs. buying - a dilemma for many interested in entering the housing market for the first time.  Zillow has compiled an index that calculates how long a person would need to live in a purchased home before buying it would make more financial sense than renting.  For people planning on staying in the same location for a few years - this is an important figure to understand.

According to the Zillow report, living in a home for at least 1.9 years would make it more financially advantageous to buy rather than rent. This number, the "Breakeven Horizon" of 1.9 years has remained unchanged since the end of 2014.

Out of the top 35 housing markets in the country - the longest Breakeven Horizon is 4.5 years in Washington D.C. and the shortest is 1.3 years in Dallas, Texas.

To read the full report and understand more about the Breakeven Horizon visit HERE

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