Rent vs Buy – A Housing Analysis

There are 3 main advantages to moving from renting to homeownership in today’s market.

Tax Savings
Deduct the cost of your mortgage loan interest from your state and federal income taxes. Additionally, you may deduct a portion of your property taxes.

Appreciation Potential
Real estate is a good long-term investment. Over the last ten years, appreciation in the Portland Metro area averaged 4%. Additionally, as you pay down your mortgage loan, your equity (wealth you have in your home) increases.

Stability
A fixed mortgage payment will not increase for 15 to 30 years, whereas Portland area rents increased an average of 6% this past year.

AnnualCosts

Bonus Fact
Homeowners don’t move as frequently as renters, tend to volunteer in the community more, and enjoy a net worth 34 times as much as a renter.

If you’re ready to make the switch from renting to owning, contact me!

Thinking of buying?

There hasn’t been a better time to buy vs. rent in over ten years and I would like to show you why. Consider these advantages:

  • Low interest rates
  • Good inventory of available homes in many areas
  • Affordable home prices making for affordable house payments
  • Mortgage interest write off (consult your Tax Advisor)

Call or email me for a FREE confidential Real Estate consultation.

Portland Real Estate News – March ’15

Comparing the average price of homes in the twelve months of this year ($333,600) with the average price of homes sold in the twelve months ending January 2014 ($311,900) shows an increase of 7.0%. In the same comparison, the median has increased 7.5% from $267,000 to $287,000.

It’s a great time to sell! Contact me for a free price estimate of your home and see how much it could sell for in today’s market.