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Between down payments and closing costs, buying a home is a big financial commitment that may seem out of reach for those who ultimately choose to rent instead. However, in today's market environment of rising rents, the difference in cost between renting and owning is actually narrowing, making this a favorable time to buy a home in most U.S. cities.
According to the Beracha, Hardin & Johnson Buy vs. Rent (BH&J) Index, 15 of the 23 cities covered are solidly in buy territory, while another five are only marginally in rent territory.
Want to know if buying is a better than renting for you? Ask yourself the following questions:
How stable is my employment situation? Lenders will take the length of time you've spent at your current job into consideration, so if you've jumped around a lot or just started a new position, that may work again...
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