Today’s Wall Street Journal has an interesting article entitled: “Renters Lose Edge on Homeowners” subtitle “Cost Gap returns to Historical Norms in Some Markets as Home Prices Drop.”
The article is about how the relative cost of owning versus renting is swinging back in favor of homeownership. So here’s my thought or question, does it make more economic sense to buy a Boston condo or to rent one. I’m asking this question in very broad terms, I understand many factors would be involved as it pertains to the buyer ect. But lets say it was you. Based on the example below which would make more economic sense for you, buy or rent?
Beacon Hill had two recent sales:
One was a studio at 9 Willow Street that sold for $157,000 and would rent for approx $1,400.00 per month.
The other was a two bedroom at 286 Cambridge Street that sold for $320,000 and would rent for $2,100.00 per month.
Which would make more financial sense for you to buy or to rent either one of those properties.