Cents & Sensibility
Should You Rent Or Buy?
Published on 7/12/2010
You're looking for that new house, and you've decided on the exact location where you wish to live. So, you have finished the easy part. Now comes the decision whether to rent or buy.
Well, this often depends on your location. Trulia Real Estate Search has issued a new "Top 50 Cities Rent vs. Buy Index." This study compared the average total costs of homeownership and the average total costs of renting to find the price-to-rent ration of each city.
For example, here in North Carolina, Raleigh placed well in the home buying category with a price-to-rent ratio of 14, with an average house listing of $146,010 and average rent of $840. This ration shows that it is less expensive to buy a house in Raleigh than to rent one.
This index, however, is not the only factor that should be considered while making your decision. CNN Money explains that individual circumstances matter most. If you want to explore career choices, travel, and not worry about the responsibilities of owning a home,
If you are living the Raleigh/Cary area and are thinking about buying a home, Crescent State Bank is here to help you. We are currently offering special mortgage rates, up to 95% financing, a small origination fee and no PMI. Contact us today with any questions, and visit our site for a list of homes for sale in the area. Happy house hunting!
Photo credit: thinkpanama
Tags: Renting, buying a house, community banks, Raleigh bank, Cary bank
