Should I rent or buy a home in 2018?
The new year is here, raising the perplexing question, "Will 2018 be the year to stop renting and finally buy a home?"
Purchasing a small home, duplex or condo this year may be the best avenue to get your foot in the door of homeownership and to help you start building your wealth toward your dream home.
In about two-thirds of the country - or 66 percent of the largest U.S. counties - it's more affordable to buy a home now than to rent one, according to a report by ATTOM Data Solutions.
The monthly rents of three-bedroom apartments were compared to monthly payments on median-priced homes (including the mortgages, property taxes, and insurance) across 540 counties.
While it may feel like buying an affordable home is getting tougher, the low interest rates are actually helping.
However, even a fairly slight increase in mortgage rates could flip the equation and make it more affordable to rent than to buy.
But as we know, real estate is local.
The Portland metro area is comprised of areas where it's more expensive to rent than buy - and others where it's more expensive to buy than rent.
Before tossing more money at rent in 2018 - and before interest rates rise - find out if now's the time to buy.
Let me walk you through the purchase options available to you that will suit your budget, your housing needs and preferred areas to live.
Hasson Company Realtors
15400 SW Boones Ferry Road
Lake Oswego 97035