05 Jul Is it better to buy or rent in the Charlotte market?
For many years, conventional wisdom has held that purchasing a home is a better financial decision than renting. However, after the financial crisis of 2008, renting may have seemed easier for some people.
A SmartAsset study indicates that buying a home in the Charlotte area may make more financial sense if you plan to stay in that location for more than a couple years. Among U.S. cities with more than 200,000 people, Charlotte is rated the 23rd best location to buy a home. It’s important to note that this estimate is based on a total household income of $100,000, a 4.5% interest rate for the home loan, and a 20% down payment.
When compared to the other large cities in North Carolina, the Queen City has one of the shortest timeframes for breaking even. Conversely, homes in Charlotte are typically more expensive than similar homes in Greensboro and Winston-Salem.
If you decide to buy a new home or refinance your current home in the Charlotte area, one of our local mortgage planners at Fairway Independent Mortgage of the Carolinas can help you find the home loan program that will best meet your needs. We are truly interested in providing a mortgage experience that will set the stage for your financial future. Our goal each day is simple — to help people do better in life. Let us change the way you think about mortgages.