The “buying versus renting” debate is one of the quintessential rumbles in American business circles. Here in Greater Boston, buying beats renting by a wide margin.
When Trulia compared the median home price in Greater Boston to the median rent, and when it broke down the relative monthly costs, it found that owning is 35 percent cheaper than renting. Even more, for renting to become more affordable than buying, one of two things would have to occur: either Greater Boston’s median price will have to jump by 65 percent, or mortgage rates will have to rise 137.7 percent.
WANT TO GET STARTED ON YOUR HOME BUYING SEARCH? CONTACT DANIELLE D’AMBROSIO OF GIBSON SOTHEBY’S INTERNATIONAL REALTY AT (781)420-9876, [email protected] FOR A COMPLIMENTARY CONSULTATION.