Philadelphia housing is considered under-valued for the 1st time since 2003. Interest rates are the lowest they have been in years. There is lots of inventory to choose from. You have to live somewhere and your choices are rent or buy.
That said, figuring out if you should rent or buy can be tricky. The economy is iffy but the recent changes in first time home buyer incentives are positive. Can you afford the down payment and closing costs? Or, is it cheaper to rent? Are you going to stay put for at least 5 years?
More good news, the chart does not take into account that property taxes are fully deductible. More $$ in your pocket.
First, find a home you like. Then, try the Rent vs. Buy calculator to find out how much you can save by renting or buying. Or, use the Mortgage calculator to get an idea of what your monthly payments would be. What do you have to lose?
Technorati: rent vs buy, Philly home prices, Philly real estate, Philadelphia housing
posted by janice SEARCH the Philadelphia MLS. No Registration Required!
Karen Highland said
This is a great chart, it covers every angle. It really is a great time to buy.
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