Rent or Buy

by Team Lally on January 20, 2012

Rent or Buy?
Helping consumers make informed choices

It still looks to be a buyer’s market rather than a rental one, according to the latest data released by HotPads.com. The rental price for 2-bedroom units jumped 3.75% in 2011, compared to a 1.83% fall in sale prices across the top-20 most populated metros in the U.S.  For many consumers, the decision to purchase a home or continue paying rent has come under closer scrutiny. It’s not because home ownership is no longer attractive.

According to “National Association of Realtors magazine”, eighty-eight percent of homeowners indicated that owning a home has been a positive experience, whereas only half of renters (51 percent_ say the same about their experience. Most homeowners (95 percent) and renters (72 percent) believe that over a period of several years, it makes more sense to own a home than to rent.

But the current economic climate has shaken consumer confidence. And when people are nervous about the future, it’s more difficult to sort through the facts and decide to proceed on a major decision like buying a home.

Here’s an interesting statistics reported by the U.S Censuus Bureau that in 2010 Census shows second highest home ownership rate on record despite largest decreasesince 1940.

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