In 53 percent of the country’s housing markets, you’re better off buying than renting, according to ATTOM Data Solutions’ 2020 Rental Affordability Report, newly released.
Generally speaking, in dense metropolitan regions, it’s cheaper to rent.
If an area’s less populated, it’s better to buy.
Will house prices go down in 2020?
The scarcity of homes on the market will drive down existing-home sales by 1.8 percent to 5.23 million. Home prices nationally will flatten, increasing 0.8 percent. Mortgage rates will average 3.85 percent in 2020 and will end the year around 3.88 percent.
Is it a good time to buy a house 2020?
Equity is unlikely to decrease through 2020.
With most housing markets at low risk for a downturn, the 2019 Housing and Mortgage Market Review estimates home prices will continue to rise for the next couple of years. Woo-hoo for sellers! If you sell your house before 2022, you’ll likely still make a nice profit.
Does it make more sense to rent or buy?
On the other hand, if you plan on staying put for 50 years, renting could be more expensive than buying over that time frame. In the long run, the costs of renting can be much higher than buying. Of course, renters don’t have to pay property taxes, homeowners insurance or maintenance costs.