Zillow: Buying Beats Renting in 64% of Metros After 3 Years

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Zillow: Buying Beats Renting in 64% of Metros After 3 Years

According to Zillow, in 64 percent of U.S. metros, buying is more affordable than renting if homebuyers plan to stay in their home for at least three years. In several large metros, it would only take around two years before a buyer reached what Zillow called the "breakeven horizon," or the time it takes for buying to become more financially advantageous than renting. Out of the 30 largest metro areas, Zillow found Miami and Detroit had the shortest breakeven timeline of just two years in the first quarter. In New York, buyers would need to stay in their homes for 5.2 years before reaching the breakeven horizon. » Read More

 

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