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Photo credit: courtesy of Apartments.com
Note to Millennials: It's time to save up for a good down payment, because it's cheaper to own in DC than to rent. Trulia's latest Rent v. Buy study reveals that despite home prices rising faster then rents, it's 32% cheaper to buy in the District than to rent. (A one-bedroom in the pictured Mission Apartments starts at over $2k/month.) A couple of reasons why: low mortgage rates and a lack of soul-crushing HOA fees, UrbanTurf reports. However, because the initial overhead costs of purchasing are expensive, it takes a five-year commitment for buying to make sense. Trulia's numbers are based on a typical 30-year fixed-rate mortgage, with a 20% down payment. It's also based on the assumption that the homeowner will stay for seven years. [UT]
