$\"Buying$ \n

That\u2019s right\u2014according to a recent study from Zillow<\/em>, in 22 of the 50 largest metro areas, monthly mortgage payments are now lower than rent payments<\/strong> (see chart below<\/em>):<\/p>\n

$\"No$ <\/a>As mortgage rates<\/a> have eased off their recent peak, home prices<\/a> have moderated, and inventory<\/a> has ticked up, affordability has improved significantly. When you add all of that up, it\u2019s getting less expensive to buy a home than to rent one in many parts of the country.<\/p>\n

This is a big deal if you\u2019ve been renting for a while now. But if you don\u2019t see your city on this list, don\u2019t sweat it. Things are moving fast, and your area might be joining these top metros soon.<\/p>\n

You see, talking with a local real estate agent about what\u2019s happening in your market before<\/em> this happens in your ideal neighborhood could really change the game for you. It\u2019s all about being informed by a true expert, and understanding what was out of reach before might actually be getting more affordable<\/a> than you think.\u00a0<\/p>\n

Now, while this study compares monthly rent to principal and interest on a mortgage payment (not the whole monthly payment), let\u2019s think through this. As Zillow<\/em> notes, what you can\u2019t ignore when you buy a home are things like taxes, insurance, utilities, and maintenance that should also be factored into your budget and your monthly payment.<\/p>\n

But remember \u2013 renters pay extra fees too, like renters\u2019 insurance, utilities, parking, and more. And while doing the math may feel like a drag, this equation could be a much more exciting one to work through today.<\/p>\n

So, grab your calculator and your agent because the big takeaway is this: it may be time to determine if you\u2019re in a spot to afford what you couldn\u2019t just a few months ago<\/a>.<\/p>\n

As Orphe Divounguy, Senior Economist at Zillow<\/em>, says:<\/p>\n

\u201c\u2026 for those who can make it work, homeownership may come with lower monthly costs and the ability to build long-term wealth in the form of home equity \u2014 something you lose out on as a renter. <\/em>With mortgage rates dropping, it\u2019s a great time to see how your affordability has changed and if it makes more sense to buy than rent.<\/em><\/strong>\u201d<\/em><\/p><\/blockquote>\n
Whether you live in one of these budget-friendly metros where the scales have already tipped in your favor, or any town in-between, it\u2019s time to connect with a local real estate agent to get the conversation started.<\/p>\n
With mortgage rates coming down and more homes hitting the market, you\u2019ll want to be ready<\/a> to jump back into your search \u2013 before everyone else does.<\/p>\n
Bottom Line<\/h3>\n
If you\u2019re tired of renting and ready to find out what it takes to purchase a home in your area now that the landscape may be shifting, connect with a local real estate agent to do the math and see if buying a home<\/a> makes sense for you now or sometime soon.\u00a0<\/p>\n<\/div>\n\n<\/body>","protected":false},"excerpt":{"rendered":"
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