Forbes magazine is out with another top ten real estate list. This one examines the favorable conditions for renters to make the move to home ownership. And while it notes that in many of these cities it is more expensive to buy than rent in the short-term, it points out that ownership is now significantly more affordable than usual.
“In Washington, D.C., government jobs are plentiful, and anticipated to stay that way. The 6.1% unemployment rate here is well below the national average, which is partly why Moody’s anticipates a five-year jump in home prices of 15%. And, at the moment, the premium to buy is 20 percentage points lower than its usual 57%.”
As rents and property values rise, those that lock in mortgages at historically low interest rates will find that owning is cheaper than renting over the long term. You can read the full story at Ten Cities to go from Renting to Buyin
