How to find home price growth rate? (2014, rent, broker)
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Hi all,
I was looking at this New York Times Rent vs Buy calculator and was wondering exactly what to choose for the "Home Price Growth Rate" section. Where would I get that number from?
This is a very arbitrary figure, because there is no guarantee there will even be a growth in value. Look at the recent real estate bubble that burst, and now in many areas homes are worth less than a few years ago.
When you are making such an estimate for a buy vs. rent calculation, be conservative. Those rent vs. buy calculator do not take all factors into consideration. As a retired commercial real estate broker who entered the business back in 1972, I can tell you if all factors are taken into consideration, it is cheaper to rent than to buy every time. Owning a home, is for personal satisfaction, and if you own it long enough, it is a forced savings program. If there is a potential the home will be sold in less than 5 to 10 years, then you will lose by owning every time if everything is taken into consideration.
Hi all,
I was looking at this New York Times Rent vs Buy calculator and was wondering exactly what to choose for the "Home Price Growth Rate" section. Where would I get that number from?
Google "Case Shiller Home Price Index".
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