A growing number of Millennials are increasingly focusing on that decision now thatrents are going upin many cities. But how do you make the right choice?
Zillow CEO Spencer Rascoff has one tip.
"The best piece of advice for a home buyer, when thinking about whether to buy or rent, is to evaluate how long they're going to live in the home," Rascoff told CNN's Cristina Alesci at the Milken Global Conference in Los Angeles.
According to Zillow data, if you want to buy in Washington D.C., you better intend to stay for at least four and a half years. Los Angeles (4.1 years) and San Diego (3.4 years) also rank among the metro areas with longer term horizons. San Francisco, the most expensive major market for home buyers -- with a median home price of $781,000 -- has a breakeven horizon of 2.9 years.
It's that way in paradise too: If you want to buy in Honolulu, Hawaii, plan to live in that house for at least 6 years. Ukiah, Calif., north of San Francisco, and New London, Conn., also have higher breakeven horizons than New York City.
About Kriste Simmons & The Simmons Team of Reliant Realty ERA Powered -931-245-8800
Thank you for choosing The Simmons Team for your real estate needs! We make it our mission to provide you with top of the line services in any type of situation. We specialize in the Clarksville, Montgomery County, Fort Campbell and Hopkinsville areas, but will gladly help you with surrounding areas as well. Our local expertise and wide variety of Real Estate knowledge will benefit you whether you are buying or selling for the first or the tenth time.