While 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.
Thursday, March 21, 2013
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