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22.08.26 - 02:42
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Buying May Not Beat Renting Until Retirement In Some Expensive Markets: Zillow (ZeroHedge)
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Buying May Not Beat Renting Until Retirement In Some Expensive Markets: Zillow
Authored by Mary Prenon via The Epoch Times,
For a typical U.S. household, it can take decades to save for a home and reach the point where buying becomes cheaper than renting, with the timeline stretching into retirement in some expensive markets, according to an Aug. 20 Zillow report.
A "for sale" sign is posted in front of a home for sale in San Marino, Calif., on Sept. 6, 2023. Frederic J. Brown/AFP via Getty Images
Zillow calculated the number of years that a household saving 10 percent of the area's median income would need to save for a 20 percent down payment on either a typical single-family or starter home. The break-even period was when the cumulative cost of owning a home fell below the cost of renting a similar home.
Nationally, Zillow found that after about 15 years, the average household can reach the point where purchasing a home becomes financially advantageous compared with renting for the same am...
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