Phoenix:Buying is Cheaper Than Rent!
February 19, 2009 by admin
Filed under Positive Real Estate
From John Burns Newsletter (highly recommended letter)
http://www.realestateconsulting.com/
Any renter with a stable job and the desire to become a homeowner and live in Phoenix for a long time should be buying a home right now because affordability has never been better (our analysis goes back to 1981). In 2006, owning a typical detached resale home was $600 per month more expensive (after taxes) than renting a Class A apartment.
-134 metro areas are at their historical best affordability level since 1981
Today, owning is $118 per month cheaper. Rents and home prices are both likely to fall in 2009, but the prospective homeowner who hopes to buy a home at the bottom is taking a huge risk that he or she will be able to qualify for a mortgage, not only because mortgage rates are currently at historic lows, but the high LTV (loan-to-value) programs that are currently backed by the government may no longer exist.
Comments
Feel free to leave a comment...
and oh, if you want a pic to show with your comment, go get a gravatar!
You must be logged in to post a comment.