The Washington DC metro area is one of the hottest housing markets in the country and home to many communities by Christopher Companies. Some potential homebuyers might feel that they can’t afford to purchase a new home in the area but, according to a recent report from Trulia, you could actually SAVE money by buying a new home verses rent!
Trulia just released a report that states that it is 17 percent cheaper to buy a house in the DC area than it is to rent. This is despite a rise of home prices in the area. Trulia goes on to say that buying a new home for sale would still be cheaper than renting as long as interest rates remain under 5.8 percent.
Trulia calculated these figures by assuming a 20 percent down payment on a 30-year, fixed-rate mortgage financed with 3.85 percent interest rate. It also assumes that the buyer itemized their federal tax deductions, are in the 25 percent tax bracket and accounts for costs such as utilities, insurance and property taxes. The rental cost included the cost of renters’ insurance.
As we’ve said in a previous blog, many Americans feel that real estate is a worthwhile investment. These new statistics from Trulia just reinforce the value you can get from purchasing a new home. Christopher Companies offers a variety of home choices for potential homeowners, whether you’re looking for a waterfront townhome community such as Marina Landing or you’re looking for a charming neighborhood of single-family homes such as our Avery Park community.
With low interest rates and incredible home options available, there has never been a better time than now to buy a home in the metro DC area. Learn about the beautiful new homes for sale from Christopher Companies from our website.