To rent, or not to rent – that is the question. A question debated for years by everyone from parents to real estate experts. Should you rent or buy a home? The answer depends largely on where it is you want to live. After all, the decision to lease or purchase is highly contingent upon the home’s price, which in turn is influenced by the city’s cost of living, infrastructure, business climate and amenities. However, after scanning the nation’s top metros, one message is clear: Houston is made for homeownership.
Data Supports Owning
The article, “Why Houston Is a Top Market for First-Time Homebuyers” features rental and mortgage rate data compiled by Zillow. The researchers found that there are several markets where buying is a more fiscally savvy strategy than renting and, as you might guess, Houston is one of those areas. The Zillow research shows that the average mortgage payment for a home in Houston represents about 12.5 percent of a person’s monthly income, while renting represents a whopping 30.5 percent. The difference is huge at 18 percent. Given the ability to purchase a home with little down payment and a more favorable lending environment today than in recent years, there’s never been a better time to buy than now.
For further proof, consider the findings of the online real estate services company, Trulia. The firm recently analyzed market data to determine what areas proved the most advantageous for buying and, once again, Houston came out on top.
For buyers who want to put less than 10 percent down on a 30-year mortgage and plan to live in the home for at least five years, Trulia found that it’s cheaper to buy instead of rent in Houston by 46 percent.
Own at Any Age
Even if you’re not a first-time homebuyer, buying is a much less expensive option than renting for retirees in most metros by a huge margin—41.8 percent according to Trulia. Trulia’s data also reveals that retirees can save 47.2 percent by buying instead of renting in Houston.
While the decision to rent or buy is impacted by a variety of factors, it’s crystal clear that Houston is a city made for homeownership. Surge Homes has selected nine of the most coveted communities in Houston’s Inner Loop for developments featuring brand new single-family homes, condominiums or townhomes. Whether you’re a first-time buyer looking for an urban dwelling, a young family interested in a spacious home, or an empty nester who wants a comfortable, low-maintenance lifestyle, Surge Homes provides an array of choices designed to fit you and your lifestyle.
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