Danny Murphy

Robious Corrdior

Rent or Buy?

Danny Murphy, C&F Mortgage

Danny Murph C&F MortgageWhere is Virginia’s strongest buyer’s market?

To answer that question, SmartAsset gathered data on average rents and home prices, and compared buying to renting in every county in America.

Specifically, they compared the total costs of buying and renting a typical home or rental in each county, for a household earning $100,000 a year.

For the “buy” scenario, they made the following assumptions: a mortgage rate of 4.5%, closing costs of $2,000, and a down payment of 20%.

For each county, they found the breakeven point in the buy vs. rent decision— the point at which the total costs of renting become greater than the total costs of buying.

The counties with the shortest time to break even are the best places to buy.

A great tool for the person who is considering renting a home against buying a home.

CLICK HERE to check out this great tool!

 
 

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