In large metropolitan areas across the United States, an increasing number of renters are starting to realize that in the long run, they may not actually be saving money by renting. This shift in perspective is largely due to the fact that in several major cities, the monthly cost of a mortgage is actually lower than the average monthly rent payment. However, when it comes to affordability, there are several important factors that city dwellers must consider before making the decision to transition from renting to homeownership.
Key points to consider include:
– Renters in some of the largest metros in the U.S. are finding that a monthly mortgage payment can be more cost-effective than monthly rent payments.
– Factors such as location, property taxes, interest rates, and maintenance costs all play a significant role in determining the affordability of homeownership versus renting.
– City dwellers must carefully weigh the long-term financial implications of owning a home, taking into account factors such as job security, housing market fluctuations, and potential future expenses.
You can read this full article at: https://www.housingwire.com/articles/22-u-s-metros-where-buying-a-home-is-cheaper-than-renting/(subscription required)
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