Study shows renting may be a better deal than buying a home
A study by Trulia, a site for home buyers, compares renting versus buying a home in 50 top cities. 7 of those cities were in Texas.
We talked to locals to see what's happening here in Central Texas. Texas quarterly housing report puts Texas 25th in a list of national foreclosure rates, and some are turning to renting instead of owning a home. In Central Texas cities like Waco, experts say people tend to buy more steadily.
Re/Max realtor, Ruth Garrett, explains, "We have no idea what the interest rates are going to be next year or what's going to happen to our economy, but we do know, at least now, that the interest rates are really good and it is a good time to buy."
One home buyer, Andi Thomas, says it's the stability of a home that drew her to buy. "When you rent, yes nothing is your responsibility, but you always have the option of a landlord that's not going to take care of you," says Thomas. "That's what you're paying your money for. I like to make an investment and have something to my name."
Renter, Matt Moseley, takes another approach. "You don't have to worry about property taxes, you don't have to worry about insurance, you don't have to worry about pool services, you don't have to worry about appliances breaking. things like that," says Moseley.
Waco's housing market has remained stable over the past year with home sales up nearly 8 percent from last year. Experts say now is as good a time as ever to buy in Waco, but Trulia shows it may be a better deal to rent in some areas like Dallas and Fort Worth.