A decade after the housing crash, a majority of millennials, Gen Xers and baby boomers think renting is a better deal than buying.
A lot of variables come into play whether to rent a place or take the plunge and become a homeowner.
HAR Chair Cindy Hamann said schools, churches, shopping and schools are all important factors. But, the number one factor is the job commute.
“They want proximity where they’re not taking a long commute. Some of them want to be where it’s country and they don’t mind the 45 minute drive with the traffic,” said Hamann.
She said a lot of Houston area buyers are being relocated.
“Majority of areas, like Sugar Land and The Woodlands, you have a lot that are relocation. And, sometimes those relocation buyers don’t know exactly where they want to live. Sometimes it’s a great opportunity for them to rent and get to know the city,” said Hamann. “Sometimes it’s better for them to rent short term, because you don’t want to spend all of your money on rent and not have any equity or any tax benefits. So, I always encourage a buyer to buy when they can.”
Now, someone who is coming in and is familiar with the city and different school districts, it’s sometimes better to go ahead and buy.
“The prices are still affordable. And, of course, you get all the tax benefits if you do buy,” said Hamann.