![]() ![]() ![]() Hale agrees, and she urges prospective buyers to check out ’s rent-or-buy calculator. ![]() “I would say five years is long enough to make sure, if you do have to sell, your equity is going to cover your real estate fees.” Yes, homeownership builds home equity, but a buyer who sells after a year or two won’t build much of it.Ī homebuyer should plan to stay put for at least five years, as a rule of thumb, Fairweather said. Buying in Detroit is 24 percent cheaper than renting: Monthly mortgage costs average around $1,300, while monthly rents run about $1,700.įor anyone deciding whether to rent or buy, a lot depends on how long the house-hunter plans to remain in the dwelling. Current and future radar maps for assessing areas of precipitation, type, and intensity. Louis Blues (x2), San Jose Sharks, Toronto Maple Leafs, Carolina Hurricanes, Montreal Canadiens and Vegas Golden Knights complete the first round of the Mock Draft. The Motor City offers the nation’s best relative value for people seeking to own rather than rent, according to Redfin. Forecast Live Doppler 13 Radar Interactive Radar 10-Day Closings/Delays Blog Maps Traffic. Yet, as demand slackens, sellers are more willing to negotiate on price. With interest rates rising, “I’ve had a lot of potential buyers leave the market,” said Jason Lerner, vice president at George Mason Mortgage in Baltimore, speaking in the report. When you see news happening, report it We'd love to hear from you. When you see news happening, report it Wed love to hear from you. “It pencils out to a monthly median savings of about $65,” reports. Talk to WWAY's anchors, reporters and meteorologists. Talk to WWAYs anchors, reporters and meteorologists. Baltimore, too, is cheaper for buyers than renters by only a hair. ![]()
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