To rent or to buy a place to live

posted by iheartmedia’s Audrey Morton - 

A recent Trulia report says that renting could be significantly cheaper than buying your first home.

Data found cities like Austin and San Francisco...with high rents and mortgages...are better for millennials to rent with a roommate instead of making a big down payment.

Better Homes and Gardens Real Estate Gary Greene broker associate Shad Bogany said in Houston, renting is just easier...especially an influx of apartments.

But, it's better to own than rent because mortgage costs the same and you're actually building wealth.

“So, if you’re paying $1,400, $1,500 a month to rent an apartment, you can surely own a home for $100, $200 more or about the same,” said Bogany.

He said the loan process is still difficult. Plus, some people still believe they have to put 20 percent down to buy a house, when it's actually only three percent.

Poor credit line another deterrent.

Bogany said it's the costs of houses, being a homeowner and getting into a home that drives people away.

“I think the cost of home ownership has gone up in the city of Houston. And, it’s much easier to go rent an apartment when you have so many apartments available,” said Bogany.

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