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It has actually been less expensive to buy a home in Hampton Roads than to rent since 2009.  Last year, the median monthly rent for a 3 bedroom Hampton Roads home was $1454 per month, while a comparable, median priced resale home (principal and interest only) was only $854.  In order to make a cash flow comparison, you’ll need to add real estate taxes and homeowners insurance, but the monthly ownership cost will still be less.  And, that does not take into account the current tax benefits of home ownership and potential wealth building through appreciation.

rent or buy

Email us at concierge@lizmoore.com, or fill out our buyer interview form below, and we'll be happy to match you with an agent who can help you decide if it is better for you to rent or buy.

 

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Post by Lynnette Tully