Field Guide to Buying vs. Renting
(Updated January 2008)
In today's market, is it better to Buy or Rent? The
information listed here will assist you in helping answer this question.
Included are statistics and studies on homeowners and renters as well as financing
options and tips. (M. Glick, Sr. Information
Specialist)
Contents:
Statistics & Studies on the Buy vs. Rent Decision |
Consumer Info, Tips, & Resources | Financing Resources
| Books, eBooks & Other Resources
Rent-to-Own Deals: Smart Questions to Ask...
For
Sellers:
Who will tend to the property and pay for routine
maintenance?
Who pays for major repairs?
What are the costs of setting up and managing an escrow account for the portion
of rent allotted to the down payment?
Will you manage the property yourself, or hire an agent?
What if the renters change their minds? Who keeps the money in the escrow
account?
If the buyers change their minds, what will be required to put the property
back on the market?
For Buyers:
How much of the rent is going to the down payment?
How locked in are you if you change your mind?
What will it cost you to get out of the deal?
How long will it take to accumulate enough of a down payment that you are
likely to qualify for a mortgage?
Source: REALTORŪ Magazine Online.
Statistics
& Studies on the Buy vs. Rent Decision
Home Prices Must Fall far To Be In Sync With
Rents, (Wall Street Journal, Jan, 2008).
Should you buy a home in today's Market,
(Real Estates ABC, May 2007).
Now that Housing Has Soured, Renters are glad
they didn't buy, (Yahoo Finance, Nov. 2007).
The buy vs. rent decision, (Yahoo Finance,
2007).
Is it Better to Buy or Rent- calculator,
(New York Times, Apr. 2007).
Rental and Homeowner vacancy Rates for the
US:1995 to 2007, (U.S. Census Bureau, Oct. 2007).
To Rent or to Buy, (Real Estate
Finance: Smart Money.com, July 2007).
Rents inflated by soft-owner occupied market,
(Realty Times, Oct. 2007).
How
Much of a Mortgage Can I Afford?, (REALTORŪ Magazine Online).
Renting or buying a home-advantages and
disadvantages, (HBIC.com ).
Rent vs Buy calculator, (Move.com,).
***NYTimes.com - Rent vs. Buy Calculator***
Consumer Information, Tips & Resources
Why Own?, (Freddie Mac,
2008).
Historical Conventional Loan Limits-1980-2008,
(FannieMae.com, Nov. 2007).
Cautious Renters Put off Buying a Home, (REALTORŪ
Magazine Online, July 2007).
Pros and cons of renting in retirement,
(BankRate.com, Oct. 2007).
Rental Help in your State, (Hud.gov).
Down payment assistance, (Housing
Assistance Network).
Down Payment Woes, (Black
Helping home buyers with down payments pays off
for society, (
Buying versus renting, (Ginnie Mae).
Common
questions from first-time homebuyers, (HUD.gov).
Financing Resources
Veterans Administration home loan program, (Veterans
Administration).
Affordable housing at Freddie Mac, (Freddie
Mac).
CICA programs for affordable housing, (Federal
Housing Finance Board).
Housing
Assistance Council, (Ruralhome.org).
FICO,
(Myfico.com).
Financing an energy-efficient home, (U.S.
Department of Energy).
eBooks & Other Resources
eBooks.realtor.org
The following ebooks and digital audiobooks are available to NAR members:
Buying a Home When You're Single (Adobe eReader)
Buying Real Estate Without Cash or Credit (Adobe
eReader)
Home Buyer's Checklist: Everything You Need to Know -- but Forget
to Ask -- Before You Buy a Home (Adobe eReader)
Home Buying for DummiesŪ (Adobe eReader)
Books, Videos, Research Reports & More
The resources below are available for loan through Information Central. Up to three books, tapes, CDs and/or DVDs can be borrowed for 30 days from the Library for a nominal fee of $10. Call Information Central at 800.874.6500 for assistance.
1001 tips for buying and selling a home,
(
8 Steps to buying a home: a buyer's guide to
finding a home in today's market, (
The Everything homebuying book, (Avon,
MA: Adams Media Corp., 2003). HD 1341 W38e
The Absolute beginner's guide to buying a house,
(
House hunting: the take-along workbook for home
buyers, (
Home buying for dummies, (
The economic benefits and costs of homeownership,
(Washington, DC: Research Institute for Housing