The Best Places to Buy a Home Based on How Long You Live There
So many factors influence the decision to rent or buy a home . One of the most important: how much time are you going to spend in any place. This interactive map from Smart Asset shows you where is the best to buy or rent, depending on when you plan to move to another location.
The company compared the average cost of renting or buying a home in each county. It assumes: a family income of $ 100,000 per year, a mortgage rate of 4.5%, closing costs and a 20% down payment. (However, home maintenance and other costs, which are higher for homeowners , are not included.) The tool uses the breakeven point for a purchase (when the rental price exceeds the total purchase price). Counties with the lowest breakeven point are the best places to shop.
This can be useful if, say, you know that you are only going to be in an area for a certain period of time – for example, through graduate school or temporarily moving to work. It is also interesting to see that after 9.5 years it is better to buy nationwide, but until then, rentals are better on the west coast.
Check out the map and calculator at the link below.
Rent vs. Purchase | Smart asset