Are you currently renting and wondering if now is a good time to buy a home in Boston?
The Boston real estate market is in great shape and
is expected to continue to rise upward through to 2017. The same can be said of
the rental market. Rentals are booming – for the landlord. The
results of a Rent vs. Buy Report
from Trulia
shows that homeownership remains cheaper than renting with a traditional
30-year fixed rate mortgage in the 100 largest metro areas in the United
States.
Some interesting findings from the report include:
- Interest rates have remained low, and even though home prices have appreciated around the country, they haven’t greatly outpaced rental appreciation.
- Nationally, interest rates would have to reach 9.1%, a 145% increase over today’s average of 3.7%, for renting to be cheaper than buying. Rates haven’t been that high since January of 1995, per Freddie Mac.
- It is now 37.7% cheaper to buy than rent on the national level and that’s only slightly better than this time last year, when buying was about 37.2% cheaper.
- Thanks to low mortgage rates keeping pressure on prices, buying a home today continues to be the best deal since 2012.
Buying a home in Boston
makes sense financially. If you are one of the many renters out there who would
like to evaluate your ability to buy this year, meet with a local Boston
real estate agent who can help you find your dream home.
When you are ready to buy a home in Boston, contact an experienced Boston real estate agent. I
am committed to providing you with the highest quality buyer service. When
making the type of investment that buying a home requires, you deserve to have
all the latest market information and the very best advice, both of which I can
provide you with. I hope to speak with you soon!
Lucas Garofalo
Keller Williams Realty
(617) 861-3631
Lucas@LucasBostonHomes.com
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