Welcome to the AllIdahoFallsRealEstate.com Blog

2018-08-02 15:48:36
Buying Is Now 26.3% Cheaper Than Renting in the US

The results of the latest Rent vs. Buy Report from Trulia show that homeownership remains cheaper than renting, with a traditional 30-year fixed rate mortgage, in 98 of the 100 largest metro areas in the United States.

In the six years that Trulia has conducted this study, this is the first time that it was cheaper to rent than buy in any of the metropolitan areas.

It’s no surprise, however, that those two metros are San Jose and San Francisco, CA, where median home prices have jumped to over $1 million dollars this year. Home values in San Jose have risen 29% in the last year, while rents have remained relatively unchanged.

For the 98 metros where homeownership wins out, 97 of them show a double-digit advantage when buying. The range is an average of 2.0% less expensive in Honolulu (HI), all the way up to 48.9% in Detroit (MI), and 26.3% nationwide!

In order to calculate the true cost of renting vs. buying, Trulia includes all assumed renting costs, including one-time costs (like security deposits), and compares them to the monthly costs of owning a home (insurance, mortgage payments, taxes, and maintenance) including one-time costs (down payments, closing costs, sale proceeds). They also assume that households stay in their home for seven years, put down a 20% down payment, and take out a 30-year fixed rate mortgage. The full methodology is included with the study results here.

In 2016, when buying was 41.3% less expensive than renting, the average mortgage rate was the driving force behind the difference. Rates this year are the highest they have been in six years which has narrowed the gap, all while home price appreciation has also been driven up by a lack of homes for sale.

 
Blog Archive
2019-05-23 13:44:08
Incredible Riverfront Property Open House

2019-05-21 13:37:34
Catching up with The Cindy Bates Group at Keller Williams Realty East Idaho

2019-05-21 12:13:22
Are Older Idaho Falls Generations Really Not Selling Their Homes?

2019-05-16 22:02:25
4 Tips for Making a Competitive Offer

2019-04-26 12:40:46
Earth Day Celebration Idaho Falls

2019-04-23 14:14:27
Selling Your Idaho Falls House: Here's Why You Need A Pro In Your Corner!

2019-04-17 15:56:45
Emily Pickett- Administrative Assistant for The Cindy Bates Group

2019-04-16 14:52:56
Homeowners: Now Is A Good Time To Sell Your House in Idaho Falls

2019-04-15 23:43:13
3 Questions You Need To Ask Before Buying A Home in Idaho Falls

2019-04-11 14:07:24
Your Idaho Falls Home Spring Maintenance Checklist

2019-04-10 13:20:50
Home Buyer Demand Will Be Strong for Years to Come in Idaho Falls

2019-04-08 13:50:50
What to Consider When Retiring in Idaho Falls

2019-04-05 13:35:10
Shalan Hyde- Listing Agent with The Cindy Bates Group Idaho Falls

2019-04-04 10:39:58
Burning Season In Idaho Falls!

2019-04-03 14:54:28
Looking to Upgrade Your Current Idaho Falls Home? Now’s the Time to Move-Up!

2019-04-02 19:20:28
Moving Things Along in Idaho Falls!

2019-04-01 16:59:03
Idaho Falls among top 25 Best Small Cities for Business in America

2019-03-29 18:53:07
We have Many Hands Working for You in Idaho Falls!

2019-03-27 10:54:58
Is April is the Best Month to List A Home in Idaho Falls?

2019-03-26 10:50:20
Amazing Service Opportunity In Idaho Falls

2019-03-25 10:25:59
Your Tax Refund Is The Key To Idaho Falls Homeownership!

2019-03-22 12:18:22
20 Tips for Preparing Your Idaho Falls House for Sale This Spring [INFOGRAPHIC]

2019-03-21 10:34:38
Is Your Idaho Falls House Priced To Sell Immediately (PTSI)?

2019-03-18 19:17:07
The Cost of Renting vs. Buying in Idaho Falls

2019-03-15 10:22:40
Idaho Falls, Don’t Let Your Luck Run Out! Buy A Home This Spring [INFOGRAPHIC]

Click here to see ALL articles.


Comment on this Article

Your Name:
Your Email:
Comments:
Verify:  Please enter the numbers shown to help eliminate spam.