Owning is Cheaper than Renting

Owning a Home is Cheaper than Renting

A recent study found that the cost of owning in home across the US was 38% cheaper than renting!  Here are the reasons why this is true:

  • Rents have been accelerating far faster than the price of homes over the past several years.  Part of this was due to the tightening of credit standards after the crash of 2008. Changes during that period led to more people being ineligible for loans, which meant they couldn't buy homes, which led to more upward pressure on rents due to demand.
  • Home prices have been increasing across the US, but for the most part, have not yet reached "bubble" prices of 2007 and early 2008 (BEFORE the crash late in the year, which started a multi-year decline in home prices).
  • Interest rates are still VERY low as compared to any decade since the 1950s.  Typical home loan interest rates are still barely over 4%, even though many experts expected that they would rise above 5% this year.  Remember that each ONE PERCENT increase in mortgage interest rates is equivalent to a TEN PERCENT increase in the cost of the home you may purchase.

Buying and owning a home in the Louisville, KY market is still a smart investment, and it's still possible to buy with as little as 3% down (even less if you are a veteran or qualify for down payment assistance -- call us for more details on this).

If you want the best possible assistance in purchasing your new home in Louisville, complete the form below or call us at 502-608-4941.

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