Buying a Home is Better in Dallas
Posted September 13th, 2012 | by The Update
CNN Money recently added more clout to the recent studies showing that buying a home in Dallas is better than renting one, saying that the break-even point was even less than 3 years in nearly every community in the Dallas metroplex:
Texas’ largest metro area is blessed with plenty of open land to build on and a local government policy that’s friendly to development, which has helped keep housing here extremely affordable.
The median home price in the Dallas metro area is 20% below that of the nation and, as a result, it takes only a couple years of ownership for buyers to break even on their investments, according to Zillow. Meanwhile, demand from a steady flow of new residents has pushed rents slightly higher than the average city.
CNN Money also explained how Zillow came up with this information:
Deciding whether to buy or rent depends on several factors. Among them: where you live, how long you plan to stay in your home and how home prices compare to rents in the area.
Zillow crunched the numbers to figure out how long a new homebuyer would have to own their home before it would make better financial sense to buy. It’s at this “breakeven horizon” that total rental costs would exceed the total cost of home ownership.
Click here to read the full article on Dallas.
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