Buying is Cheaper than Renting in the DC Area

Here at Miller and Smith, we are proud to continue building brand new homes in the most exclusive locations throughout Maryland, Virginia, and Delaware. Many of our new single family and luxury town homes in MD and VA are located in the surrounding Washington D.C. metropolitan area. If you’re deciding between buying and renting in the area, buying is the smarter way to go! According to a report published by Trulia this month, buying a home in the DC area is just around 17% cheaper than renting.

When looking at similar reports from Trulia in the past, it has been cheaper to buy than rent in the DC area for some time now. In order to determine these statistics, Trulia created their own Rent vs. Buy calculator, which incorporates a number of different factors to determine which option is more wallet-friendly based on location. These factors include the averages of monthly rent, home price, length of residence, income tax rate, and mortgage rate. When all of these factors for the Washington D.C. area were plugged into Trulia’s equation, the outcome was that buying is 17% cheaper than renting.

We are committed to helping you find your perfect home in a premier location in the Washington D.C. area. Miller and Smith offers a variety of communities and homes to choose from, all with their own amenities and amazing locations close to popular shopping, dining, and entertainment. Since 1964 we have been helping homebuyers make their dreams come true, and you can be next! Stop by any of our sales offices today and let us show you why one visit can change everything.

Sources: dc.urbanturf.com, http://www.trulia.com