Ever since the housing bust of 2008, this question has been raised a LOT. Is it better to rent than buy?
The short answer is: Maybe, but probably not.
If you’re a renter thinking about buying in the Portland area, current local statistics show it takes only about 2.5 years to come out ahead … meaning you’ll have more money and assets by buying the home than you would if you rented the same home over the same time period.
So, if you’re able to stay in one place for at least three years, then buying may be the smarter move for you.
And, if you’re like most renters right now, you’re having a hard time even finding a good place to rent.
In your hunt for the perfect rental home, you may have noticed that rents are much higher than previously. In fact, in Portland and its surrounding areas, rent amounts have increased by more than 9 percent in the last 24 months!
Now would be a great time to find out what you qualify for in a home purchase. You may be shocked to find you can actually afford to buy a nicer home than that rental!
Get started online with our lender today.
To crunch some numbers on your own, check out this great calculator from The New York Times.
And when you decide you’re ready to buy, give us a call