To Rent or to Buy in the Cary/Raleigh/DurhamReal Estate Market?
June 25th, 2014
For some, buying could be an easy decision, especially with prices as low as they are probably going to be. For others, there could be more than a few factors to take Into consideration. A well thought out chart may help.
For instance, if you considered purchasing a $238k home in Durham, Raleigh or the Cary area, and planned to keep the home for 7 years, it would appear to be a much better deal to buy….unless you could find a cool rental for $828/month that accepts your sweet dogs and cats and tarantulas. Real life average rent for a home that could sell for $238k would likely be about $1500/month in the Triangle. Yikes.
Play with the numbers. The MPT would be happy to show you homes to rent and/or to purchase so you have a third dimension of information to help you distill the correct answer for your situation.