In our great city, the numbers have traditionally worked well in favor of buying a home, rather than renting. So, it only makes sense that this is truer than any time in recent history, considering these factors:
- Interest rates are at historical lows, meaning that you can buy more house for your money now than you could before.
- Home prices in some areas of our metro have leveled off, or even softened, meaning that you can buy many homes cheaper today than you could have just a couple of years ago.
- Rents have risen over the past couple of years, as a result of higher demand, thanks to tighter lending guidelines which have kept more people from the ability to obtain a mortgage.
In fact, CNN Money considers Oklahoma City one of the Top 5 metro areas where buying a home is a better deal than renting. While owning a home isn’t for everyone, for various personal reasons, it’s certainly something to consider, especially in today’s real estate market.