The latest Rent vs. Buy Report explained that Connecticut home-ownership remains cheaper than renting with a traditional 30-year fixed rate mortgage.

A recent study by GoBankingRates looked at the cost of renting vs. owing a home in Connecticut and concluded that it is actually ‘a lot’ cheaper to own a home in Connecticut, rather than renting one. (see map below)

One of the main reasons that owning a CT home has remained significantly cheaper than renting is the fact that interest rates have remained at or near historic lows. Freddie Mac reports that rates fell again last week to 3.43%.

CT rates would have to rise to 10.6% for renting to be cheaper than buying – and rates haven’t been that high since 1989.  

Bottom Line

Buying a Connecticut home makes sense socially and financially. If you are one of the many renters who would like to evaluate your ability to buy this year, meet with a real estate professional at Dave Jones Realty who can help you find your dream home.