Renting vs. Buying Philadelphia Real Estate
Renting vs. Buying Philadelphia Real Estate
I often am asked if given the condition of the Center City Philadelphia real estate market and the real estate housing market in general whether it makes more sense to rent or buy. Some real estate experts will use formulas, analysis, metrics and programs like this one I found on the New York Times website in an effort to determine when the cost of renting exceeds the cost of owning. I think answering this question is tricky because the answer depends largely on the circumstances of the individual asking. The advantages of buying in Center City Philadelphia currently are historically low interest rates and the ability to build equity in what is hopefully an appreciating asset. Equity build up however takes time so if the individual deciding between renting and buying doesn’t plan on being in Philadelphia for a least a few years it may make more sense to rent. Ultimately this analysis is best done on a case by case basis. I owe a shout out to Mick DiSanta of Pennsville Auto Repair in Pennsville, New Jersey for this post.
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Blog post compliments of CenterCityTeam’s Philadelphia Real Estate Blog
Frank L. DeFazio, Esquire
Prudential Fox & Roach Realtors – Society Hill
530 Walnut Street, Suite 260
Philadelphia, PA 19106
215.521.1623 Direct
610.636.4364 Cellular
888.308.1148 Fax
[email protected]
www.CenterCityTeam.com
