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Buying A DFW Area Home vs. Renting

If you’re currently renting a home or apartment and are considering buying a Flower Mound or DFW area home, there are plenty of good reasons to choose home ownership! You already know that renting is like throwing your money away, as you are not building equity in property of your own. Recently, a study conducted by Trulia (a real estate search site) indicated that in the 100 largest metro areas in the U.S., owning a home is now cheaper than renting. Great news!

It seems almost unbelievable that renting could be more costly than purchasing a home, but statistics show it’s true. For instance, the report found that in cities such as Oklahoma City and Gary, Indiana, the costs of owning a home were 63% lower than renting. As the 7th most populated metro city in the U.S. today, Dallas and its surrounding communities are some of the most attractive destinations for homeowners today.

When it comes to buying a DFW area home vs. renting, there are more factors to consider other than the price of a home, and how much down payment is required. As trusted Flower Mound, TX realtors, we understand that for some, lack of a down payment and low credit scores are two factors that prevent purchasing a home. However, it is highly to your advantage when you can purchase a home of your own.

Trulia’s report revealed factors such as how long a homeowner remains in the home, tax bracket and changes in the mortgage rate do impact the cost of home ownership. For instance, when a homeowner fails to take advantage of the mortgage interest tax deduction, lives in the home for a very brief time and has a mortgage rate that is too high, it can be more expensive than renting.

That should not discourage you, though. Homeowners typically stay in a home for far longer than 4 or 5 years, and studies show that those who live in a home for seven years before selling, who fall in the 25% federal income bracket, obtain a low mortgage rate and who itemize deductions when filing federal income taxes generally save a tremendous amount of money when compared to renting.

Owning the home of your dreams can actually SAVE you money, so why rent? At Team Nelson, our Flower Mound real estate agents are dedicated to helping you make the best decision for your family, your budget, and your lifestyle.

What People Are Saying

  • There are not enough great things to say about Bill Nelson and his team! If you are looking for a Real Estate team that will not only sell your home but also provide the best marketing, honest answers and results- this is the team for you! I have worked with Bill and his team for years and they are professional and they have treat every client like they are family. Love Bill and his team

    Shannon Kivlehan Avatar
    Shannon Kivlehan
    12/11/2018

    Bill and his team are awesome! The entire team is incredibly knowledgeable and went above and beyond in every aspect to ensure that our experience was as smooth as possible. Being first-time homebuyers, we had a ton of questions and Team Nelson worked with us in every aspect to make sure we...

    Brittany Margherio Avatar
    Brittany Margherio
    4/07/2016

    We love selling people's homes for free!

    Bill Nelson Avatar
    Bill Nelson
    12/11/2016
  • Tara was absolutely amazing! She was such an incredible help throughout or entire home buying process. She always made us feel like her top priority, which is a great peace-of-mind while trying to purchase a home. She fought for us on different issues with taxes during the closing process and I am...

    user2267498 Avatar
    user2267498
    8/19/2018

    I bought a house first and then relied on them to sell. Not only did they save me $3800, they did so in a superior manner. You don't get one realtor when you hire them, you get a team. Gene and Andra were nothing short of awesome, very responsive and always representing my interests. Cannot understand why anyone would use anyone else when buying and selling a house.

    Stephen Berger Avatar
    Stephen Berger
    12/11/2017

    We just purchased our first home with the help of Team Nelson and I can't say enough good things about them! When we wanted to take a few months to look and understand the market, they were happy to go at our slower pace, and when we needed to move quickly to secure the contract they were right on...

    tranteryost Avatar
    tranteryost
    3/02/2016
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