Thanks to the current combination of low mortgage rates and reasonably priced properties on the market, many people have found that it has become less expensive to be a homeowner than a renter. As Boston waterfront real estate prices have begun to stabilize and rents have continued to increase, many consumers have realized that their monthly mortgage payment on a home (after a 20% down payment) would be less than their monthly rent on the same property. In the Boston market, the median monthly mortgage payment has remained just about equal with median monthly rental prices. This presents an interesting question to potential homebuyers: would you rather pay the same monthly amount for a property and gain real equity, or simply pay rent which you will never see again? Now, more than ever, this may be the ideal time to become a homebuyer with mortgage rates at all-time lows.
By: Scott Accorsini