Matt York, AP
With home prices down and mortgage rates at historic lows, more renters are taking a shot at home ownership, according to NPR.
"It beats paying rent," Kitsy Roberts, a new homeowner in Seattle, told NPR. "You're paying for a roof over your head. But after that, you're paying into nothing."
The point at which buying a home is more of a financial advantage over renting has usually been between four and five years, while today that’s dropped down to less than three years, Stan Humphries, the chief economist for Zillow, an online resource for real estate information, told NPR.
Since rent has been increasing and home buyers can deduct interest payments from their taxes, more are considering buying a home as a viable option, according to NPR.
Other reasons people buy homes for the first time include having more space, a backyard and a sense of privacy.
- No timeline announced yet for Cottonwood Mall...
- Kennecott hopes project will change mountain...
- Feds eye stricter rules for railroad rights...
- About Utah: A Salt Lake hit for 152 years ......
- 10 jobs you can get right now
- 3 ways insurers can still avoid covering the...
- 6 financial moves to prevent sleepless nights
- 10 things to know about corporate inversions
- 10 things to know about corporate... 32
- 3 ways insurers can still avoid... 13
- Kennecott hopes project will change... 6
- Cantwell targets small business loan... 4
- Applications for US unemployment aid... 4
- State lawmaker calling for criminal... 4
- Fallon to lead honors as Leno wins top... 2
- Eagle Mountain votes to accept Rocky... 2