Despite rising home prices, it’s still cheaper to own a home than to rent, reports CNBC. But the toughest part for those who want to buy is actually finding a home.
Inventory levels in April dropped 9 percent compared to a year ago, and listings spent an average of 29 days on the market before selling—the shortest time-frame since the National Association of REALTORS® began tracking such data in 2011.
“One thing we added this month to our REALTORS® Confidence Index is analyzing data on REALTORS®’ comments,” said Danielle Hale, managing director of housing research at NAR. “The two biggest phrases in the comments this month were ‘low inventory’ and ‘multiple offers.’”
The least expensive homes are the toughest to find. Sales of homes below $100,000 dropped 17 percent in April year-over-year. Also, sales of homes under $250,000 dropped more than 6 percent. Yet a new Trulia report shows it’s cheaper to buy than rent in all of the nation’s 100 largest metro markets. So while consumers may have more financial incentive to buy now, they are hard-pressed to find an actual home to buy.
The report shows that buying a home is 33.1 percent cheaper than renting, but there are big differences across metros. For example, it’s more than 50 percent cheaper to buy than rent in Baton Rouge, La., if a consumer is purchasing with a 20 percent down payment and 30-year fixed-rate mortgage. On the other hand, in San Jose, Calif., buying is only 3.5 percent cheaper than renting.
Source: “It’s Cheaper to Buy a Home Than Rent, But Only If You Can Find One,” CNBC (May 24, 2017)
Property Search
RSS Feed
Search Blog
Recent Blogs
Feb 21 2020 70339 1 - My Purpose is help people
Feb 21 2020 64070 1 - Hey there, I waned to be sure to
Feb 18 2020 66191 1 - kjnoisnfosnfosd
7 Tax Benefits Of Owning A Home - 7 Tax Benefits of Owning a Home: A
Our Bloggers
Alex Altaly - 7
Semion Androne - 7
Jerome Ball - 18
Swella Bingham - 2
Gary Brown - 2
Edward Budnek - 2
Erin Claxton - 1
Jason Crouch - 1
Jeff Derringer - 1
Hossam Elsayed - 10
Torre Escott - 1
Jennifer Gonzalez - 7
Kristen Heap - 2
Ayesha Isaac - 1
Ron Johnson - 7
Chris Johnson - 7
Denis Joseph - 2
Lori Kempton - 2
Stephen Moore - 1
Rose Nassar - 4
Dennis and Laurie OBrien - 7
Candace Rebecchini - 10
Chris Russell - 92
Jim Sfarnas - 27
Christina Strickland - 11
Meredith Thomas - 1
Karin Waterschoot-Perez - 47
This is a list of your favorite properties. We will email you if a property is reduced or leaves the market.
Click 'Save' to add a property to this list.New & returning visitors please enter your information to login.
This message will go directly to the head of our team.
Español
Francais
Deutsch
Italiano
Portugues 
Chinese 
Russian