It’s the age-old question in real estate: Should I rent or buy? The answer is clear: Buy!
For the first time in over 25 years, it is cheaper to own than it is to rent. Lower home prices, historically low interest rates, and rising rents all factor into the equation. Nationwide, renting costs 15% more than homeownership, according to a study done by Deutsche Bank and cited in the Wall Street Journal. With many economic experts and the media reporting that the housing bottom is behind us, now is the time to buy before home prices and mortgage rates rise.