Thursday, March 21, 2013

Seattle Ranks #2 in Cities Where Renters Rule!

rentalWhile renting might sometimes feel like you’re flushing a hefty portion of your income down the drain, as it turns out, renting might make the best financial sense for a few years. According to a reporting from Zillow’s break even horizon metric, (a system measuring the number of years it takes after buying a home is more financially beneficial than renting) Seattle ranks # 2 in the top 10 cities where renters actually might have the financial edge over homeowners.
Zillow’s results were found by taking the period of time calculated with the net cost of buying a home, and also the costs of renting that same home. The results show the average and median break even points at the city and metro areas. Seattle ranked 2nd only to NYC, and advised renters in New York City need not feel rushed into buying, unless you’ll be staying for at least 5 years, as it generally makes more financial sense to rent a flat within the city limits. The average break even point for Seattle homeowners is 4.3 years, so renting for the short term, might be the best financial option. More information on Seattle Rentals can be found here.


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