In fact, in every single one of America’s 100 largest metros, according to the report, owning is now cheaper than renting. For renting, these numbers include renter’s insurance and a security deposit. The numbers for owning include closing costs, maintenance, insurance, and property taxes, and assume the house won’t be sold for at least 7 years.
Are you ready to stay in a place for at least seven years, and have some money saved up for a downpayment, and a stable job you can rely on to pay the mortgage? Maybe you read about the Federal Reserve’s decision to keep long-term interest rates low, and feel okay about borrowing money from the bank to buy a house. Consider your options, which, most importantly is where you’re thinking of buying, because places like New York, San Francisco, Honolulu still aren’t that cheap.