February 17th, 2013 3:06 PM by Sam Kader
Homeownership is looking more attractive now than it has in years. Rents are climbing 6% in King and Snohomish counties over the past year. Home prices have begun to bounce with interest rates hitting record lows. The monthly rent for the average 2-bedroom, 2 bath apartments in King County now is more than 40% higher than the typical principal and interest payment on a median-priced condo. Even when closing costs, maintenance, taxes and insurance are factored in - Owning typically is less expensive than Renting in every metropolitan area in the country. Here in Seattle area is about 42% cheaper.
The case of buying a home is much stronger if the time horizon is longer than 5 years. Being a homeowner means you could paint your bedroom purple, deduct mortgage-interest payments and property taxes from your federal income tax.
In general, Owning versus Renting depends on:
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