Renting Vs. Buying

MarketWatch reports the U.S. Census Bureau says American homeownership fell from 66% to 65% in Q1 2012, the lowest point in 15 years, especially noteworthy because historically spring marks the home buying season. At its peak in 2004 it was 69%. Dan McCue of Harvard University’s Joint Center for Housing Studies, noting the number of single-family rentals increased two million from 2006 to 2010, says, “One third of all rentals are single-family homes.” Although rents are expected to rise four percent this year, the cost of renting is $500 to $1000 less than buying a home. The report, as MHProNews has learned, notes five markets where it is less expensive to rent than to buy: Northern New Jersey, Long Island, New York, California, Seattle, and Honolulu.

(Image credit: Build-a-Sign)

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