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Old 01-22-2010, 12:40 PM
 
Location: Just south of Denver since 1989
10,914 posts, read 29,415,494 times
Reputation: 7150

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10 Cities Where It's Smarter to Buy
For people who want to own a home, the premium to buy—the spread between what they’d spend to rent and what they’d pay for a mortgage—is much lower than the 15-year average in many cities.

To determine what cities are smart buys, Forbes magazine computed the premium and also identified locales where economists predict home prices will go up the most over the next five years.

Here are the top 10 cities the magazine chose as the best places to buy right now.
Boston-Cambridge-Quincy, Mass.
Charlotte-Gastonia-Concord, N.C.-S.C.
Chicago-Naperville-Joliet, Ill.-Ind.-Wis.
Cincinnati-Middletown, Ohio-Ky.-Ind.
Denver-Aurora-Broomfield, Colo
Minneapolis-St. Paul-Bloomington, Minn.-Wis.
Philadelphia-Camden-Wilmington, Pa.-N.J.-Del.-Md.
Portland-Vancouver-Beaverton, Ore.-Wash.
San Francisco-Oakland-Fremont, Calif.
Washington-Arlington-Alexandria, D.C.-Va.-Md.-W.V.
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Old 01-22-2010, 12:44 PM
 
Location: Everywhere and Nowhere
14,131 posts, read 27,101,754 times
Reputation: 6826
Very encouraging news!
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Old 01-22-2010, 12:47 PM
 
20,917 posts, read 39,207,929 times
Reputation: 19213
Good article, thanks. I added the link to the Forbes piece.

Ambitious younger folks would do well to buy a place near one of the current or future Light Rail lines, which we've discussed before. I believe LiveContent did a posting or thread on such areas. I saw what happened in the DC metro area when their subway was planning and building, and those who bought near those lines are enjoying both a superb transit system and outstanding home appreciation. Many sketchy areas in the DC area quickly gentrified into profitable outcomes.
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Old 01-22-2010, 12:53 PM
 
Location: Everywhere and Nowhere
14,131 posts, read 27,101,754 times
Reputation: 6826
Quote:
Originally Posted by Mike from back east View Post
Ambitious younger folks would do well to buy a place near one of the current or future Light Rail lines, which we've discussed before. I believe LiveContent did a posting or thread on such areas. I saw what happened in the DC metro area when their subway was planning and building, and those who bought near those lines are enjoying both a superb transit system and outstanding home appreciation. Many sketchy areas in the DC area quickly gentrified into profitable outcomes.
Actually there's another one of those opportunities right now in DC. They're building a street car line across the city and there are areas along it, especially on "H" street, not far from Union Station that have real potential for appreciation as gentrification occurs along it. I believe it will be completed in the next year or two, with some sections nearing completion now.
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Old 01-24-2010, 04:06 PM
 
10 posts, read 21,834 times
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Quote:
Originally Posted by Mike from back east View Post
Good article, thanks. I added the link to the Forbes piece.

I believe LiveContent did a posting or thread on such areas.

I would appreciate is you will provide the link to the LiveContent or let me know where I can find that information.
Thanks.
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Old 01-25-2010, 12:01 AM
 
Location: The North
5,083 posts, read 9,101,145 times
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I'm moving to Denver in the spring and I have not found this to be the case in Denver. Rent seems a little cheaper than owning especially when adding the taxes in. Am I just looking in the wrong areas or what?
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Old 01-25-2010, 12:08 AM
 
11,715 posts, read 35,978,381 times
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Quote:
Originally Posted by Willy702 View Post
I'm moving to Denver in the spring and I have not found this to be the case in Denver. Rent seems a little cheaper than owning especially when adding the taxes in. Am I just looking in the wrong areas or what?
How much are you planning to put down? Obviously your mortgage payment will be different at 3% down than it would be at 20%. Also don't forget that mortgage interest and property taxes are deductible on your 1040 schedule A while rent is not so that offsets the difference a little.
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Old 01-25-2010, 12:20 AM
 
Location: RSM
5,113 posts, read 17,468,051 times
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Quote:
Originally Posted by EscapeCalifornia View Post
How much are you planning to put down? Obviously your mortgage payment will be different at 3% down than it would be at 20%. Also don't forget that mortgage interest and property taxes are deductible on your 1040 schedule A while rent is not so that offsets the difference a little.
And of course, you get what you put in when you leave, at least as long as property doesn't decline
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Old 01-25-2010, 12:21 AM
 
Location: The North
5,083 posts, read 9,101,145 times
Reputation: 4061
Quote:
Originally Posted by EscapeCalifornia View Post
How much are you planning to put down? Obviously your mortgage payment will be different at 3% down than it would be at 20%. Also don't forget that mortgage interest and property taxes are deductible on your 1040 schedule A while rent is not so that offsets the difference a little.
I have no intention of buying anytime soon, already own two houses out of state. Because of this I am not really thinking in terms of down and other costs, just doing the simple math of about $600/month per $100k in P&I plus adding on the other costs that come with owning. I'm seeing properties that are listing for around $250k renting for $1300-1500 or so...leading me to believe with all the ancillary costs included one would be looking at around $2000 payments.
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Old 01-25-2010, 12:28 AM
 
11,715 posts, read 35,978,381 times
Reputation: 7513
Quote:
Originally Posted by Willy702 View Post
I have no intention of buying anytime soon, already own two houses out of state. Because of this I am not really thinking in terms of down and other costs, just doing the simple math of about $600/month per $100k in P&I plus adding on the other costs that come with owning. I'm seeing properties that are listing for around $250k renting for $1300-1500 or so...leading me to believe with all the ancillary costs included one would be looking at around $2000 payments.
It sounds like you're basing the payment on 100% of the list price then.
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