So, what’s the best route to go? You’re putting all of this effort in…should you rent or buy? Lets take a look at typical scenario in a great rental area, Eastown, a popular Grand Rapids neighborhood near downtown, where there is a high demand and quantity of both rentals and purchases.
The Eastown Comparison:
52 homes recently sold
(What’s currently for sale in Eastown? Glad you asked.)
Average sale price: $131,780
Average #BRs: 3.5
Avg SQFT: 1743
Average Rent for a 3-4 BR 1750 sqft home in Eastown: $1400/month.
Looks like buying in Eastown quickly pays for itself, comparing $1400/month rent to a purchase of a $132,000 home. But what if you’re already leasing a home in that price range, but you’re ready for an upgrade and/or increased square footage. You want a home with a nice bit of land, an entry-level home in East Grand Rapids, maybe a distinctive spot in East Hills, or something in an historic district. Your lender says you can afford a $230,000 purchase price. Here’s how that looks:
Try out your own scenairo! Here’s a tool from Realtor.com:
https://grandriverrealty.com/wp-content/uploads/2018/03/GrandRiverLogo-med.png00petedroverhttps://grandriverrealty.com/wp-content/uploads/2018/03/GrandRiverLogo-med.pngpetedrover2015-05-21 15:40:362018-03-09 12:16:43Renting vs Buying in Grand Rapids Michigan | Summer 2015 Update
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