By Kathleen Cooper
Tacoma News Tribune, February 19, 2014
In every place in Washington other than King County, it still is less expensive to buy a home instead than to rent it.
According to data crunched by national real estate data firm RealtyTrac, the monthly payment for a median-priced 3-bedroom home in Pierce and Thurston counties is $400 to $500 less than what it would cost to rent that same-size home. The analysis also showed the housing in Pierce and Thurston counties is generally affordable by people making even a little bit less than the median household income.
RealtyTrac built in some assumptions to arrive at the monthly house payment: A 20 percent down payment on a 30-year fixed rate mortgage of 4.46 percent; a 1.04 percent annual property tax rate; 0.40 percent of the purchase price in annual maintenance costs; 0.35 percent of the purchase price in annual home insurance costs; and the subtraction of the tax benefit from the mortgage interest and property tax deduction using the 30 percent income tax rate.
The firm used fair market rent data from the federal Department of Housing and Urban Development.
With those qualifications in mind, here's what RealtyTrac found for 2013:
People in Pierce and Thurston would pay about $1,400 to rent a three-bedroom home, but a mortgage would be between $918 and $961.
Read more here: http://www.thenewstribune.com/2014/02/19/3056712/in-pierce-thurston-counties-its.html?sp=/99/261/273/#storylink=cpy
We have a flyer that will help you explain this to your buyers on our website at: http://realestatebrokerconnection.com/sales-materials/
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