Buy vs. Rent in Portland, How Long to Break Even?
According to a recent Zillow report the average time it takes to break even buying a home verses renting a home in the Portland metro area is 3.5 years. Depending on the neighborhood, it could take as long as 5 years or as short as 1.5 years. Ask your Portland Real Estate Agent which Portland neighborhood will give you a quicker return.
Zillow took into account all the costs of renting including utilities and deposits and contrasted that with the costs of Portland homeownership including down payment, taxes, maintenance, utilities and more. Zillow also adjusted for future rent increases and future Portland home valuations.
To summarize, it is a great financial idea to buy a Portland home if you are looking to stay put for at least three years. Talk with a Portland buyer’s agent today!August 7, 2012