To Rent or To Buy: That is the [Age-Old] Question

According to Forbes Magazine, mortgage rates are continuing to rise. The past two months of rising rates has started to worry potential home owners, making them re-evaluate their pending purchase.

While there has been an overall sense of renewed faith in the housing market since 2007, the question remains: to rent or buy?

Truly, each person has an individual situation, and must assess his or her personal needs based on: income, location, longevity, and needs. Inevitably, a potential buyer/renter must also look at the current market based primarily on, you guessed it: location, location, location!

Today, the market says: you are still better off to buy in most markets, but it won’t always be that way. Once interest rates reach 10.5%, we will all be better off to rent. Likewise, you will most likely always be better off to rent in metropolitan areas.

Borrowing money is continually becoming more expensive. Not every market will remain cheaper to buy, rather than rent. But, housing is also not expected to become too unaffordable.

To buy, or to rent: the choice is yours.

Check out Forbes Magazine for an in-depth look at the 2013 Housing Scene: http://www.forbes.com/sites/morganbrennan/2013/07/26/what-to-expect-from-housing-in-the-second-half-of-2013/

By: Sarah Cox