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As the housing market and the economy as a whole tries to recover from the recent slump it has experienced, many cities in Hampton Roads have seen housing prices fall consistently for the past year they have been on the market. This is causing many home owners to open their homes up to the option of renting, preferring to get the house off of the market and producing some income to support costly mortgages.
Old Dominion University recently released a study that determined renting may be a more financially responsible decision at the current time. With three-bedroom houses for sale in Virginia Beach at an average monthly mortgage payment of around $1,400, the study shows that comparable houses for rent in Virginia Beach average about $1,287 per month this year.
While it is true that rental prices have been shown to rise year after year and housing prices have been steadily falling, the prices probably won't even out for another couple of years. That being said, it seems that renting is a far better choice for families looking to move into a house in Norfolk or Virginia Beach. This is true until you consider a few other factors.
First, this study doesn't take into account the tax break one gets from owning a home. This alone could make up the difference between renting and owning a home, but there is also another key advantage to owning.
When you own a piece of property with value in Virginia Beach, you are building equity and the home value will rise over time. This factor makes buying homes for sale in Virginia Beach a better option in the long-term than renting.
Whether you are looking for homes for sale in Norfolk or rental properties in Chesapeake, contact Nancy Chandler Associates to help with your housing needs.