28 Sep Buying vs. Renting- More for Your Money
We all want the best deal. That’s why we shop sales, use price matching sites, and do our research. Smart consumers know not to look at an item’s overall price at the grocery store, but at the price per ounce or pound. Real estate should be the same way! Potential homebuyers often look at the listing price of a house and decide that renting, especially renting an apartment, is the more affordable option. But when you break down the numbers, you might be surprised to learn that buying, rather than renting, is more cost-effective. Especially in the Seattle area, where rental costs have climbed 6 percent in the last year (rentcafe.com).
The average monthly rent in and around Seattle is $2,500. And the average apartment size? Only about 700 square feet – the smallest in the nation! That means a renter is paying about $3.50 per square foot every month. This might not sound like a lot, but let’s compare this to homeowners’ costs. The average house in Seattle is 1450 square feet, twice the average size of an apartment. But the average monthly mortgage payment is only slightly higher, at $2,800. Homeowners pay less than $2.00 per square foot monthly and get so much more space! Who doesn’t want more for their money?
If you’re really looking to stretch your dollar, there are neighborhoods throughout the Puget Sound area that will allow you to buy quite a bit of house for not a lot of money. In communities such as Bremerton, Tacoma, and Everrett , buyers can find houses with square footage costs below the area averages. A knowledgeable realtor can you help you pinpoint the perfect home for you in an affordable yet desirable location in or out of the city.
Over the past six months, we have transitioned to doing so much more at home. We’re exercising, cooking, working, and learning all inside our own walls. You might be dreaming of extra space for you and your family to spread out but think that dream is out of reach. It’s not! There are available houses to fit every buyers’ needs and budget. There are loan options to make it affordable. And there are great communities where the average price per square foot will show you that buying makes sense. Your “best deal” is out there−let’s start looking!