8. Baltimore
Baltimore, too, is more affordable for buyers than renters by only 1%. It pencils out to a monthly savings of about $65 on average. Jason Lerner, a financial expert and vice president at George Mason Mortgage in Baltimore, told us he had lots of potential buyers leave the market. However, as demand goes down, sellers are more willing to negotiate and lower prices.
9. Detroit
Detroit is the last city on the list of the best places to buy a home in the US. The Motor City provides the nation’s best relative value for those seeking to own rather than rent, per the latest data.
Purchasing a house in Detroit is 24% cheaper than renting. That’s a lot! Monthly rents run about $1,700, while a monthly mortgage costs around $1,300 on average.
For anyone deciding whether to buy or rent, a lot depends on how long they plan to stay put. Homeownership builds home equity, as financial experts point out. However, a buyer who sells after only a year or two won’t build much of it.
As a rule of thumb, a homebuyer should plan to remain in the dwelling for at least five years, experts say. According to them, five years is long enough to ensure that if you do have to sell, your equity will cover your real estate fees. By the way, if you’re about to buy your own house for the first time, this book guide may give you the tips and tricks you need for the buying journey.
If you liked our article on the best places to buy a home, you may also want to read 7 Charming Places Where Retirees Can Live On A Tight Budget.
