Buying Beats Renting After 3 Years In Philly
Buying Beats Renting After 3 Years In Philly
Buying Beats Renting After 3 Years In Philly
Two buyer clients (Thanks Cari and Sam!) pointed me to a great article from ABC News that discussed the pros and cons of renting vs. buying. The article used Zillow.com “breakeven horizon” calculations to determine the point at which owning becomes more financially advantageous than renting the same home in 30 major metropolitan areas. Unlike a simple price to rent ratio, the breakeven horizon calculation is more sophisticated because it factors in all costs, tax deductions and accounts for inflation. The complete Zillow list is below.
30 Metro Areas/ Breakeven Horizon (Years)
Miami-Fort-Lauderdale, Tampa 1.6
Detroit 1.7
Phoenix 1.7
Orlando, Fla. 1.7
Las Vegas 1.7
Riverside, Calif. 2.0
Dallas-Ft. Worth 2.1
Pittsburgh 2.1
Cincinnati 2.1
Cleveland 2.4
Columbus 2.4
Atlanta 2.5
St. Louis 2.5
Denver 2.5
Minneapolis-St. Paul 2.7
Charlotte, N.C. 2.7
Chicago 2.8
Baltimore 2.8
Philadelphia 3.0
Sacramento, Calif. 3.1
Washington 3.5
Portland, Ore. 3.5
San Diego 3.6
Seattle 4.0
Los Angeles 4.3
Boston 4.3
New York 5.1
San Francisco 5.9
San Jose, Calif. 8.3
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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]
CenterCityTeam.com: Philadelphia Real Estate
