Report: Buying beats renting in Milwaukee metro after 2.7 years of living in home
Posted: Apr 30, 2014 9:00 AM CDT | Updated: Nov 5, 2014 2:16 PM CDT
MILWAUKEE - Buying versus renting is a common decision faced by many consumers.
Often, they ask the question how many years they stay in a home before buying is really worth it?
A newly released report by Zillow Wednesday answers that question for the Milwaukee metro area.
The company's findings show buyers have to live in their home for at least 2.7 years.
Zillow, an online real estate datatbase, says that is how long it will take buyers to break even on a home purchase compared to renting.
The report shows two years is about the average nationwide, but buying a home isn't an option for everyone.
Zillow says potential buyers may not qualify for a mortgage or have enough money saved for a down payment.
For that reason, the flexibility of renting may be a better financial decision for some.
However, if home shoppers can do so, buying is less expensive over time.
In its report Wednesday, Zillow lists the top five cities to rent and a buy in the Milwaukee metro.
The list for renting is:
1. Franklin
2. Trenton
3. Newburg
4. Town of West Bend
5. Elm Grove
The list for buying is:
1. Brown Deer
2. Polk
3. Addison
4. Wales
5. Vernon
You can read more of Zillow's housing analysis of the Milwaukee metro area here.