HousingWire – The Ticker
In 64% of metro areas nationwide, buying a home is a better financial decision than renting for residents planning to stay in their home for at least three years, Zillow claims in a new report.
The study by Zillow ($57.76 0%) incorporates all possible costs associated with both buying and renting. These include upfront payments, closing costs, estimated monthly rent and mortgage payments, insurance, taxes, utilities and maintenance costs. Among the 30 largest metros analyzed by Zillow in the first quarter, Miami, Detroit and Phoenix were the metros with the shortest breakeven horizon. The longest breakeven horizon in the first quarter was seen in New York, Boston and San Jose.