Naturally, you would expect a homebuilder to have a bias towards buying, so we’re taking our opinion out of the equation. Forget what we think for a minute and consider this analysis by Trulia, a real estate site that promotes both homes for sale and homes for rent.
According to Jed Kolko, the Chief Economist at Trulia, If you plan on staying in your home for 7 years, which is the average time that Americans traditionally live in a home before moving again, it is more affordable to buy than to rent in ALL of the 100 largest metros in the US.
In fact, Trulia has determined that in today’s market with today’s interest rates,buying a home is 45% cheaper than renting. Of course, that’s the national average. What really matters to anyone reading this blog is a comparison right here in the Washington region.
We pulled these screen captures from the analysis to show you just how much cheaper owning is versus renting in the Washington region. As you’ll see, the degree to which buying is cheaper than renting depends on the mortgage rate you get, your income tax bracket (and whether you itemize deductions), and the number of years you plan to stay in your home.
If you decide that buying makes the most sense for you, the next questions are when and where, to which we would unabashedly answer Now and Gallery Park.
With 4-Level Townhomes selling from $289,990, Gallery Park is easily one of the best values in all of Montgomery County, Maryland. Plus, right now homebuyers can get a Free Dream Kitchen included with the purchase of a new home at Gallery Park.