Why Is Renting a Home Not as Affordable?

 How much would your Wilmington home sell for in today's market? 

Want to buy a Wilmington Home? Search all homes for sale.

According to a recent report from Trulia, buying a home is still about 35% less expensive than renting one. How is this possible? We are going to explain that to you today.

Here are the facts that come into play. Obviously, you need a 30-year fixed rate mortgage to get the best rate. The rates right now are historically low, making homes more affordable than they have been in quite some time.

Another factor to consider is prices. Home prices are still relatively affordable and reasonable, even with the recent appreciation that has come into play. 

The bottom line is this: owning a home is still less expensive than renting and it makes sense financially to do so. A housing payment is something you will have whether you own your own home or not, and you are going to be paying off a mortgage whether you buy or rent. Why not pay off your own mortgage by purchasing a home, and build up that equity for the future?

If you have any questions for us, or are interested in buying a home, we would love for you to give us a call or send us a quick email. We look forward to hearing from you!