Renting vs. Owning Property: How to Make the Call?
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According to a recent Rent.com survey, 69 percent of families have moved at least one time during their children’s life.
Eighteen percent have moved at least three times.
When it comes to households, two things have been happening during this recent Great Recession.
First, folks aren’t moving. According to census data, fewer people have moved in the last five years than in prior years.
Second, the number of households is shrinking as families lose their homes and move in with other family members or friends, a practice sometimes known as household sharing.
The total number of households and the percentage that move each year are important factors in your decision to rent or buy your next home.
The shrinking number of households means that there are fewer buyers and renters in many locations. That could mean you’ll pay less to buy or rent. But the ratio of renters to buyers won’t be the same in every neighborhood. If a neighborhood has a lot of foreclosures, you might be hard-pressed to find a rental (because banks don’t want to be landlords), but you might get a great deal on a foreclosure as a buyer. On the other hand, fewer renters could mean you can rent an amazing house or condo for very little money each month.
The fact that people aren’t moving as often as they were means you might have trouble finding property to rent in some neighborhoods.
What other factors are important in this decision to buy or rent?
You should buy your next home if
You should rent your next home if
Ilyce Glink is a best-selling author, real estate columnist, and web series host. She is the managing editor of the Equifax Finance Blog and CEO of Think Glink Media. Follow her on Twitter: @Glink
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