ZILLOW: RENT VS. BUY BREAK-EVEN POINT FALLS BY A MONTH IN Q1
Source: Housing Wire
According to a report by Zillow, the average time it takes for owning a typical U.S. home to make more financial sense than renting that same home is down by about one month over last quarter. The new average is 1.96 years. That means it would take roughly one year and 11 months for it to make more sense to own a home in the U.S. than to rent that same home.
Not surprisingly, break-even horizons are longest in expensive coastal markets like Los Angeles, Portland and Washington D.C. This translates to a roughly two to three-year break-even horizon. Los Angeles has the longest breakeven horizon at 3.7 years.
The shortest break-even horizons are in the Southeast, with Memphis taking first place at 1.32 years. Birmingham, Tampa and Orlando are other markets with notably short break-even horizons.
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