Almost every renter feels the pressure to buy a home with benefits such as building tax equity and cashing in on tax breaks.
However, given the situation in certain cities in the United States, it might take a long time to break even on home purchases.
So, it does make sense to rent for a little longer from a financial standpoint. That said, here are 4 cities where renting seems a better choice:
#1: Boston
If you’re not planning to stay for more than 3.3 years then it would be a good idea to rent a home instead. The Zillow rent index is $2458. No matter what, the city can be considered hot property where the median home value rose by 8.4 percent while the rent rose by 3.3 percent for the last 12 months.
#2: Virginia Beach, Virginia
If you aren’t sure of staying for less than 3.5 years, then it’s better that you rent a place. Better still, the median rent for Virginia Beach increased by 0.8 percent over the last year. The value for the Zillow rent index is $1534.
#3: Washington D.C
This is yet another city which works best for renting not unless you don’t mind waiting for 3.5 years . The median rent is about $2453 and which has increased by 0.3 percent since last year. It must be pointed out that the median home value is also up by 14.4 percent.
#4: Honolulu
In this tropical paradise it takes about 6.8 years for one to break even on the purchase of one’s home. With the median rent at $2276, it keeps decreasing by 5 percent year after year. This is why it is one of the best places to rent a home if you wish to.