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Is Buying a home really cheaper than renting Today?

November 10th, 2014 by [shareaholic app="share_buttons" id="27157108"]
According to data released this week by real estate website Trulia, even with the current state of the economy and the real estate market it’s still cheaper to buy than rent in many areas of the United States.

So I thought I’d see how that applies to Utah. Most two bedroom apartments in Salt Lake City rent for around $800 a month, which will buy you a $140,000 house.

Now I know what you’re saying: “Ben, where is anyone going to find a house for $140,000 in Utah?”

Good question. So I consulted the Multiple Listing Service (MLS) to see if there were homes and condos to be had in that price range, and here is what I came-up with:

Salt Lake County: 1,582

Utah County: 720

Davis County: 354

Weber County: 882

Tooele: 174

Sure, all of these aren’t going to be brand new house, and some may require some repair here and there, but if they pass an FHA inspection and you could own for the price of renting and get a mortgage interest deduction at the end of the year than why wouldn’t you do it? With over 3,700 homes for sale under $140,000 along the Wasatch Front you’re bound to find at least one that is just what you’re looking for.

And if having the down payment is a challenge, most major cities and counties have grants available for first time home buyers or individuals and families that have not owned a house in the past three (3) years.

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