Look no farther than rent prices for a reminder that the housing market is still on the mend. Several reports suggest that rents have soared so high, that buying a house can be cheaper than renting one in some parts of the country…
RealtyTrac, a housing data firm, offered some insight into how the high rents compare to area mortgage payments. In an analysis last month, it singled out markets with a large population of young adults ages 25 to 34, a sought-after demographic for real estate investors looking to flip a home.
It isolated 20 Zip codes based on various factors. In all of them, the average rent for a three-bedroom home is higher than the estimated mortgage payment for a median-priced home based on a 20 percent down payment and 30-year fixed rate mortgage with an interest rate of 4.5 percent, RealtyTrac said. The Washington area dominated the list.
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