A study by Go Banking Rates looked at the cost of renting vs. owning a home in Charles County, St. Mary’s County, Prince Georges County, Calvert County or Anne Arundel County at the state level and concluded that in 39 states, it is actually ‘a little’ or ‘a lot’ cheaper to own.
In the latest Rent vs. Buy Report from Trulia, they explained that homeownership remains cheaper than renting with a traditional 30-year fixed rate mortgage in the 100 largest metro areas in the United States.
The updated numbers show that the range is an average of 6.5% less expensive in San Jose (CA), all the way up to 50.1% less expensive in Detroit (MI), and 37.4% nationwide!
(represented by the two shades of blue in the map below).
One of the main reasons owning a home in Southern Maryland has remained significantly cheaper than renting is the fact that interest rates have remained at or near historic lows. Freddie Mac reports that interest rates for a 30-year fixed rate mortgage have hovered around 4%.
Nationally, rates would have to reach 9.1%, a 122% increase over today’s average of 4.1%, for renting to be cheaper than buying. Rates haven’t been that high since January of 1995, according to Freddie Mac.
Buying a home in Charles County, St. Mary’s County, Prince Georges County, Calvert County or Anne Arundel County makes sense financially. If you are one of the many renters who would like to evaluate your ability to buy this year, let’s get together and find you your dream home.
Find out your Homes Value in Southern Maryland today by filling and submitting the form.
If you are looking to Buy a Home in Southern Maryland, hire a Southern Maryland Realtor to help you find the Home you are looking for. In either Charles County, St. Mary’s County, Prince Georges County, Calvert County or Anne Arundel County, Finding and Hiring a local Realtor will help you find the right home for the right price. If its New Construction you need, your local Maryland Realtor can help you find the right Community or even find the right On Your Lot with Caruso Homes to build your Luxury Dream Home.
Realtor: Skip Young
Skip Young Realtor
is rated 5 stars on Google based on 3 reviews
10665 Stanhaven Place Suite 300
White Plains, MD 20695
Mon-Sat 8am – 6pm
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Infographic by KCM Crew