Buying Really Does Beat Renting in Columbus Ohio, and nearly everywhere else

By
Real Estate Broker/Owner with Core Ohio Realty Advisors
Buying Really Does Beat Renting in Columbus Ohio
Do you have any idea how long it takes to break even on a home you own, rather than rent?  Now you do!  Zillow just released a study that identifies how long it will take a person to break even on their home purchase versus renting.  In Columbus it will only take you 2 years and four months to break even, the rest is profit.  Here are the results in 30 major cities, courtesy of Zillow
 
Buy vs. rent in 30 major cities

 

CityStateBreakeven time in years

New York N.Y. 5.1
Los Angeles Calif. 4.3
Chicago Ill. 2.8
Dallas Texas 2.1
Philadelphia Pa. 3
Washington D.C. 3.5
Miami Fla. 1.6
Atlanta Ga. 2.5
Boston Mass. 4.3
San Francisco Calif. 5.9
Detroit Mich. 1.7
Riverside Calif. 2
Phoenix Ariz 1.7
Seattle Wash. 4
Minneapolis Minn. 2.7
San Diego Calif. 3.6
Tampa Fla. 1.6
St. Louis Mo. 2.5
Baltimore Md. 2.8
Denver Colo. 2.5
Pittsburgh Pa. 2.1
Portland Ore. 3.5
Sacramento Calif. 3.1
Orlando Fla. 1.7
Cincinnati Ohio 2.1
Cleveland Ohio 2.4
Las Vegas Nev. 1.7
San Jose Calif. 8.3
Columbus Ohio 2.4
Charlotte N.C. 2.7

 

I'm sure this could be a little biased towards purchasing a home since it was Zillow that did the report.  As we see all the time in politics it can be easy to scew statistics to meet your needs.  I'm not sure if they accounted for repairs, commissions, increase in taxes, etc.  It definitely doesn't account for the fact that not everyone is well suited to be a home owner.  However, even if it is off by a few months, it is still pretty compelling to see how quickly you can turn home ownership into a great investment.  

As i keep telling people, this is probably one of the best times we have ever had to buy a home.  Interest rates are low, prices are still down from a 5-6 years ago, and there is still inventory to choose from.  Try our Map Search to see what is out there, and then give us a call for a showing.  You won't regret it!

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Ohio Franklin County Columbus
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Core Ohio Realty Advisors
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Matt Cochrell

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