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Contrary to media reports suggesting that renting is more financially beneficial than home ownership, a new study by Zillow proves otherwise. The costs of homeownership may "break even" in about three years or less, making it more of a lucrative investment than renting. Zillow's new study factors in more than three-fourths of 200 metro areas nationwide. Initial obligations that often deters potential home buyers, such as: down payments, closing costs, and property taxes, are becoming more of a money saver than the cost of long term renting. Over the past year, the cost of renting has risen more than five percent,  says Stan Humphries, Zillow’s chief economist. Even more so,  Zillow reports that some markets have better luck than others in terms of breaking even. In Miami, for instance, the rising costs of city living allows home owners to break even after 1.6 years. For those debating between renting or buying, factors such as falling home prices and record low mortgage rates make homeownership to be the advantageous investment. Source: "Buying beats renting in most U.S. cities,” CNNMoney (Aug. 2, 2012)

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Jim DeRentis
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