Renting is cheaper than owning when the housing market is about to crash. Renting is cheaper than owning if a person just purchased a home with a small down payment. Other than that most of the time after a home that has been owned for a few years, owning is cheaper than renting or rent prices would go up.
If a tenant is not going to live in and area for very long they should not purchase because of closing costs when purchasing and then the 7 to 9% costs of selling the property. If you end up selling a home before equity is built you loose money. It may be worth it to you for the stability of your location and the lack of moving expenses every year. Situations vary. Thank you for asking, Why renting is cheaper than owning.
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Stellar MLS (updated 4/28/25 11:28 PM) |
