Wondering if it’s cheaper to buy or rent in Charlotte? According to a recent article in the Charlotte Business Journal, a report shows that it is cheaper to buy a home than rent an apartment in the Charlotte area.
The report was a collaboration between Deutsche Bank and The Wall Street Journal. The bank calculated the costs in 54 markets for the average monthly rent as a percentage of the estimated monthly mortgage payment for a home. Data from the National Association of Realtors and real estate research firm Reis was used in the estimations of monthly mortgage payments.
In the Charlotte metro, the average apartment rent in the fourth quarter of 2013 was 108 percent of the cost of the average monthly mortgage payment.
In addition to being cheaper, on average, in the Charlotte market, home-owning comes with other benefits not found by renters. Homeowners don’t have to worry about a spike in rents or their housing costs going up at a landlord’s whim. A home can significantly increase in value, and the homeowner sees the benefit when it comes time to sell. (By the way – The median sales price of existing single-family homes rose 81% from 1993 through 2013, according to the National Association of Realtors.) Most homeowners also can deduct mortgage interest from their income-tax bills.
When you’re ready to buy your home – whether it’s your first home or your next home – I’m here to help! Give me a call and we’ll find the perfect home in the perfect neighborhood for you!