Buying a home in the Puget Sound area beats renting in less than two years, according to a new study. The “breakeven horizon” – the number of years after which buying is more financially advantageous than renting – is 1.9 years.
Why the short timeframe?
Interest rates are at historic lows. (But experts expect them to rise soon.)
If you paid the average cost of monthly rent towards a mortgage payment instead, here’s what you could buy:
Based on principal & interest on a 30 year mortgage at 4% interest with 0% down.
Are you ready to invest the money you spend on rent to buy a home?
Get in touch with a Windermere broker on the Eastside so they can help you take advantage of the “breakeven horizon” and turn your monthly rent into a mortgage payment.