Merrimack NH Home Buy Vs Rent, What is a better deal?

Trulia reports buying real estate a better deal than renting in 74% of US markets

We thought we do a comparison for Merrimack NH as to whether you should buy or rent.

With a large inventory of Merrimack NH homes priced from $150,000-$300,000, the monthly mortgage payment for a home with a $200,000 mortgage would be $1013 a month and a $300,000 mortgage would be $1520 a month (add about $500 more per month for real estate taxes and property insurance) and case closed.

Rent in Merrimack $1400-$2500 month

Buy in Merrimack $1500-$2000 a month (including real estate taxes and insurance)

Trulia report says...

"Buying real estate continues to be cheaper than renting in the vast majority of major U.S. cities, according to a quarterly rent vs. buy index from real estate search and marketing site Trulia.

The index compared the median list price and the median annualized rent on a two-bedroom apartment, condominium or townhouse in the country's 50 most populous cities. According to the index, the cost of buying was less than renting in 37 of the 50 cities (74 percent) as of July 1, 2011. About the same share, 78 percent, favored buying over renting in Trulia's last index report, released in April.

Trulia defines total costs of home-ownership to include "mortgage principal and interest, property taxes, hazard insurance, closing costs at time of purchase and ongoing (homeowners association) dues and private mortgage insurance, where applicable. It also includes an offset for the tax advantages of home-ownership, including mortgage interest, property tax and closing cost deductions."

"Many aspiring homeowners are on the fence about renting and buying in today's market. Should they take advantage of falling home prices and low borrowing costs, or should they continue to rent until the economy stabilizes?" said Ken Shuman, spokesman for Trulia, in a statement."

If you are thinking about buying or renting a  Merrimack NH home call the Rene Brin team of Amherst NH Realtors, we are top Merrimack NH Realtors and can assist you in finding your best Merrimack NH real estate deal.

Don't wait, take advantage of the great buying opportunities available today.