Buying A Home In Seattle is 34% Cheaper Than Renting

High rent and high home prices in Seattle can often make it feel like the decision between buying and renting isn’t so cut and dry – either way you’re paying a premium for housing. But a new report from Trulia makes a strong case for home ownership, reporting that it is 34% cheaper to own a home than to rent in Seattle at today’s 4.5% mortgage rate. According to the report, mortgage rates would have to hit 9.3% before renting would be cheaper than buying in Seattle.
Nationally, home ownership is 38% cheaper than renting in all of the 100 largest metro areas, but in some extreme markets small changes in mortgage rates could tip the scales in favor of renting. For example, in Honolulu, a mortgage rate of 5% would make renting a better value, and a rate of 5.8% would make renting cheaper than owning in San Francisco.
Try Trulia’s Rent vs. Buy calculator to see how the numbers work out for you. If you’re interested in buying a home in the Seattle area, contact your local real estate agent.

Scams in Seattle Rental Market

The Seattle Times has announced that there are currently scams in the housing market to be aware of when browsing for your new home. Online scammers are advertising listed homes and foreclosures as "For Rent" that they most likely do not own, and very likely have never even seen before. These homes are usually For Sale, or currently being foreclosed, and scammers are taking advantage of the new vacancies right and left. Potential renters are asked to send a deposit before receiving their keys. This scam may seem like an obvious one, but these kinds of scams have been on the rise along with unemployment and desperate apartment seekers looking for a low price ticket. Be wary if a manager asks for wired funds through Western Union or Money gram without letting you into the Unit first. For a detailed description, read the extended article here.