Homebuyers in Houston break even on their homes sooner than expected
It takes just a year and a half for homebuying to make more financial sense than renting in Houston’s housing market, according to a recent analysis from Zillow.
The “Breakeven Horizon,” as Zillow calls the measurement, looks at how long it takes before owning a home is more financially advantageous than renting, assuming the homebuyer secures a 30-year mortgage at today’s historically low interest rates.
At 1.5 years, Houston’s break-even point was lower than the national average of 1.9 years, and was among the lowest among major metro areas.
Here is a chart that better demonstrates how Houston compares with the rest of the nation’s large metro areas:
|Metro Area||Q4 2015 Breakeven Point (Years)||Median Rent|