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Rent Or Buy? Making The Right Decision In This Economy

With the economy on a daily roller coaster for the last four or five years it’s tough to say what’s best to do when it comes to the question of buying a home versus renting.  A lot depends on you the buyer, what are looking for in the stage of your life.  Are looking to settle down and raise a family? Do you want to live the city lifestyle? Location plays a big role in this decision.  In some areas, from an economic standpoint and you freeze this moment in time, the consensus holds true that buying is still the best option, but in many metro markets with the housing recovery on the rise it’s better to rent.

The Numbers are Right for Buying

With all-time low interest rates and home values still low (although on the rise again) it’s the right time to buy.  In some markets the adage of you can get more for your money holds true, there are many suburban neighborhoods where you can still get a lot of house for a relatively lower price than what you may have paid four or five years ago.  More house, lower interest rates over time it’s a great decision to buy.  When renting you end up throwing your money away and have nothing to show for it, plus the market is turning and home values will come back within a few years.  If you get into a home that in a normal market you couldn’t afford and want to sell down the road than it could pay off big time for you.

Location Matters

Pending on your lifestyle and where you want to live will play into your decision to buy or rent.  The housing market is making a comeback and it’s faster than you may think. This is where you want to really think about your location.  In many metro markets you may find that renting is still your better option.  Metro prices for townhomes, apartments and condos are relatively still high because the area is a very desirable area. Chances are, if you’re going to rent in a metro area you may not be there forever so renting won’t be a bad decision in the long run – because there isn’t a long run, now.

In the great debate of buying over renting in this economy it really depends on you and your lifestyle.  Yes, there are still homes you can find that are very affordable and interest rates are still very low, so it’s important to get in now for a big payoff down the road.  If you’re not ready and live in a metro area than renting isn’t all that bad and homes are selling so inventory is low.  It really depends on your particular situation, weigh the options and make the best decision for you.

Post provided by Real Estate and Lifestyle writer Bruce Zander on behalf of meadowscastlerock.com.

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