To rent…or to own? That’s a question most people face at some point in their adult lives, and though every situation is different, the primary factor to take into consideration is how long you plan to stay put. According to Zillow’s recent breakeven horizon analysis, in half of metros in the U.S., buying beats renting after only two years.
Rising rents and low rates on home loans have helped skew the rent vs. buy decision toward buying for those who can afford it, leaving renters wondering why they should renew their leases when they may be able to break even on a home purchase in less time. Because conditions for buyers and renters can vary dramatically even within cities themselves, Zillow produces breakeven horizons down to the neighborhood level in order to give potential buyers and renters the most insight into local conditions where they’re considering living.
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