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Old 04-30-2015, 09:59 PM
 
Location: MID ATLANTIC
8,679 posts, read 23,005,513 times
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There's plenty of 3% down money up to 417K and 5% to 625K.

What drove me to buy was sky rocketing rent. Add in my tax benefits, I am about $300-$400 ahead each month.
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Old 05-01-2015, 07:17 AM
 
Location: Arlington, VA
349 posts, read 1,435,110 times
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Quote:
Originally Posted by SmartMoney View Post
There's plenty of 3% down money up to 417K and 5% to 625K.

What drove me to buy was sky rocketing rent. Add in my tax benefits, I am about $300-$400 ahead each month.
Anecdotally I'm also seeing the rents are above mortgages in my area. House prices didn't move much from 2007-2015, interest rates went down, and rents have been steadily increasing every year. Back in 2007, renting was a better financial option, but not it seems to have shifted the other direction.
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Old 05-01-2015, 03:29 PM
 
2,737 posts, read 5,473,972 times
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Quote:
Originally Posted by Zack View Post
Anecdotally I'm also seeing the rents are above mortgages in my area. House prices didn't move much from 2007-2015, interest rates went down, and rents have been steadily increasing every year. Back in 2007, renting was a better financial option, but not it seems to have shifted the other direction.
In Arlington, the trend appears to be just the opposite (or maybe it hit the same point you described and now is going in another direction):

County: Rent in Arlington Dropped Five Percent in 2014 | ARLnow.com

The article notes how average residential rents from dropped during two consecutive years, while homeowners' assessments have gone up. However, there is still a lot of building of new apartments.
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