Most Americans believe the default option for home-owning is to not own a home at all and instead, rent with roommates until stability sets in. This may not be the case, however, as a new study has found that there are some major U.S. cities in which it is actually cheaper to pay a monthly mortgage rate than a monthly rent fee. While there are more factors than just mortgage rate that influence potential homeowners, these are the cities to best start looking.
1. Baltimore, Maryland; average savings of $508 monthly
2. Columbus, Ohio; average savings of $460.50 monthly
3. Cleveland, Ohio; average savings of $433 monthly
4. Philadelphia, Pennsylvania; average savings of $421 monthly
5. Arlington, Texas; average savings of $373 monthly
If any of these cities interest you, or you already live in them, start talking to mortgage lenders. But always remember, despite how tedious the process of buying a house can be, don’t take any shortcuts. Consult multiple lenders to find the best deal that works for you before signing on to anything you don’t feel confident in.
Lastly, if you have a low credit score, and believe that owning a home is impossible, think again. There are special loans, such as FHA Loans for Bad Credit that can get you started with a score as low as 500. Additionally, members of the armed service, veterans, and surviving spouses can get a VA Home Loan to help pay for your house.
Maybe moving into your own home is coming sooner than you think.