Is It Still Cheaper to Buy Than to Rent?
Potential homebuyers hoping to purchase a home in 2022 have dealt with changing mortgage rates and growing home prices. Some potential homebuyers may be thinking twice about buying in favor of renting, but that’s not always the most financially savvy choice.
In some of the country’s biggest markets, which include parts of the Midwest and South, buyers of starter homes garner bigger financial advantages. A few of the cities where it’s cheaper to buy than rent include the following:
- Pittsburgh, Pennsylvania: $522 difference.
- Birmingham, Alabama: $377 difference.
- St. Louis, Missouri: $284 difference.
- Cleveland, Ohio: $198 difference.
- Baltimore, Maryland: $164 difference.
While historically high inflation rates have caused mortgage rates to rise above 5%, potential homebuyers can still take advantage of the benefits of homeownership by purchasing a home. If you’re interested in buying a home or want to check your eligibility, reach out to a local mortgage lender for additional information.
Sources: CNN.com, Themortgagereports.com
We are ready to help you find the best possible mortgage solution for your situation. Contact Sheila Siegel at Synergy Financial Group today.
