A major real estate company release their latest report about the difference in cost between buying and renting. It shows that monthly home ownership costs remain less than renting. You may have read where I have said that before.
The report says that nationally it is 33% cheaper to own your home than to rent. This means that the fixed costs of home ownership, which would be the mortgage payments and taxes, are 1/3 less than what it would cost to live in a similar home and pay rent.
It is estimated that mortgage interest rates would have to reach 9.1% in order for the comparative cost of owning and renting to be equal. And interest rates haven’t been that high since 1995.
Are you still renting? If your answer is yes, why?