A big question I get, especially currently as people are trying to save money, is: “Should I buy or rent a home?” Whether it is more financially sound to buy or rent a home varies greatly across the nation. For example, in a place like Omaha, Nebraska it is better to rent as a result of the huge gap between rental and purchase prices. But here in College Station, it makes more fiscal sense to purchase a home, especially if you intend to stay in the area for at least five years.
Trulia, the real estate site, puts out a rent vs. buy index for cities across the nation; to determine which option is better, they compare the cost of buying a two bedroom condo with the cost of renting one. (The results can then be extrapolated to other classes of homes.) Until recently, the perennial real estate question of rent vs. buy was all but dead. Now that national home prices have slid substantially, the debate has been reinvigorated.
Trulia signed off on buying for many Texas cities and regions. Buying is the wiser option not only in College Station/Bryan (they cited it as a “Central Texas” region), but also in Arlington, San Antonion, El Paso, and Austin. This is because Texas real estate is fairly inexpensive when compared to that of other cities across the nation.
Purchasing a home is still a sound investment, especially when considering buying over renting in College Station. A further benefit of buying a home is that once people purchase, their home-buying costs tend to be fairly stable. Fixed-rate loans don’t go up. Rents usually do.
There are also many intangible benefits to buying a home. Buyers often feel more invested in their communities. This makes them more likely to make friends, join organizations, and get involved. And home ownership can bring a sense of pride and joy. If you are interested in learning more about the local real estate listings, the benefits to buying a home, or simply have a few questions, please feel free to contact me.
Clay Lee – Realtor
Century 21 Beal, Inc.
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