KENNEWICK, Wash.—Most of us have heard it's cheaper to live in an apartment than to buy a home. However, a new study may just make you want to buy.
A marketing site called Trulia found it could actually be cheaper in the long run to buy a home than to rent an apartment in about 72% of the 50 largest cities in the U.S. and that include the Tri-Cities.
The President of the Tri-City Association of Realtors says when the country hit the recession homeowners decided to rent. Now that more people are renting landlords can increase costs.
If you are contemplating whether to buy or not, decide how long you will be staying. "If you're thinking about staying here for two to infinity, a number of years, probably purchasing will be a better option than renting. If it's short term less than two years renting is probably a better option," says Paul Roy, Tri-City Association of Realtors President.
Here's an example: A Richland home that has three bedrooms, two bathrooms and a two car garage would cost $180,000 to buy. A rental with the same number of bedrooms and bathrooms but no garage would cost $1,300 a month. Over a six year stay that's more than $30,000 you would lose by renting.