Next-Gen

buying vs renting

by dylanoliver1
Last updated 4 years ago

Discipline:
Math
Subject:
Other

Test Glog

Things to consider when buying a home:•How many people will be living in the home•Whether you want pets or not•How big of a backyard you need•How many bedrooms•How many bathrooms•Whether you want to do your own maintenance or not•Whether you want to rent or buy the house

Recession affect lower-income home buyers because income might be lower, and defaults on mortgages and foreclosures might increase.

Recessions affect home sales because income is lower and people are unemplyed so no one buys a home.

You can reduce your cost of buying a home by making a larger down payment, shop for the lowest interest rate, and pay off loans as quick as you can

Both payments are lower when the monthly payment and total payment for a loan have a lower annual interest rate.

Pros of Renting•No responsibility for maintenance•Facilities like pools, laundry, and fitness•Easier to move to different places•Doesnt requiew security deposit

Pros of buying•Tax deductions•Financial appreciation•Rise in equity•Stability•Freedom

Affordability index is an index of 100 or high is favorable conditions for prospective buyers.

High median income is increasing the home sales

When interest rate increases, houses are less affordable. When interest rate decreases houses are more affordable.

Buyingvs.Renting


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