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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

  • We had an exceptional experience with the Nelson Team. First of all, we are NOT related. The perfect opportunity unexpectedly presented itself in Grand Prairie. There was a beautiful cul-de-sac lot backing up to the woods of Joe Pool Lake that we, and many others, wanted but the builder was not releasing it. Total serendipity that we were the first in the sales office the day the builder released the lot. Problem was we had a house in Hurst to sell. I called on Team Nelson who immediately did our listing, had an open house, and sold it within days for the price we wanted and needed. Everything fell into place perfectly. I’m still amazed. We are now living in our retirement home on this beautiful cul-de/sac and have gorgeous views and privacy few have in our area and we have Bill and Andra to thank for it. The reduced realtor fee was a very important component to the deal coming together. They are the absolute best. You can totally trust them

    Sandra Nelson Avatar
    Sandra Nelson
    12/11/2018

    Best damn team in DFW. They sold our home in a tough market and helped us buy a home that we resold for a nice profit. Great team. Great people.

    Tim Sojka Avatar
    Tim Sojka
    12/11/2018

    They were knowledgeable and easy to work with during this stressful process. They got our house sold during the down time extremely great full.

    chad tolentino Avatar
    chad tolentino
    12/11/2018
  • Awesome team to work with.

    Rob Martin Avatar
    Rob Martin
    11/20/2019

    Johnny Meador made this purchase possible and was there EVERY step of the way. We couldn’t be more pleased with the service this individual provided. What a great member to have on your staff!!

    xziv Avatar
    xziv
    2/08/2020

    Not only Bill Nelson’s team helped me sell my house for more than the appraised value but they saved me $20,500 total on the sale of my old house and the purchase of my new home. I’m very satisfied with the team’s level of service and real estate knowledge.

    Luis Hernandez Avatar
    Luis Hernandez
    12/11/2018
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