Great article in Seattle Times about folks deciding that it's getting too expensive to rent and if they plan on owning for 5+ years, it's a better economic bet for them.
That said, make sure you run the numbers yourself and believe all of the assumptions.
Take Trulia's calculation that owning in the Seattle area is 42 percent cheaper than renting, for instance.
It assumes prospective buyers can make a 20 percent down payment. Many can't.
It also assumes buyers can get a fixed-rate mortgage at 3.5 percent interest; that they fall in the 25 percent income-tax bracket and itemize their deductions; and that they won't sell for seven years.
Change any of those variables, Trulia acknowledges, and the balance between renting and owning can shift dramatically.
Here's the full article.
By Wendy Leung with Seattle Condo Review: A guide to Seattle Condos and Seattle Belltown Condos exclusively for buyers and sellers.
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