Episode 72, Part 1: Is It Cheaper To Rent or Own a Home in Austin?
The Schutze Team debates: Is it now cheaper to rent a home in Austin than buy? Listen in and let us know which side you're on!
With the pricey market in Austin right now, the Schutze Team is divided on whether it's cheaper to rent an apartment or buy a home. Our loan officer Andrew Thurston believes the long-term benefits of owning a home outweigh the upfront cost, but the rest of the team thinks that it's just flat-out much more expensive to purchase a home in the current market than to rent an apartment until home prices level out.
Andrew's reasons for why you should buy a home instead of rent:
- Tax Benefits: Buying a home may help reduce your overall federal tax payment due to mortgage insurance being tax-deductible
- Long-Term Appreciation/Build Equity: When you own a home, you are earning equity and a future nest egg that you can't earn by renting an apartment
"It's a sales tactic to tell people that you can buy a home for the same monthly payment that you pay for rent, and that's just not true in Austin right now," John says.
What do you think? Is it worth it to buy a home in Austin right now? Weigh in in the comments, or give us a call at (512) 524-8310!