Is it Better to Buy or Rent a home?
BUY! According to a 2020 study by Smart Asset, Raleigh is the #9th metro area in the nation where it is currently better to buy than rent, particularly if you are looking for more than a 2-3 bedroom. Raleigh area ranks high across the nation in terms of “high school graduation rate (19th-highest in the study, at 89.10%). Raleigh ranks toward the middle of the study for its relatively high down payment-to-income ratio of 0.82.” According to its study, the average rent in Raleigh is approximately $1,111.00 where the average monthly mortgage payment is $926.00. This is based on a 4% interest rate and putting 20% down on the average house.