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Article: rent vs. own Homebuyers see door open.(Front)
- Article from:
- The Virginian-Pilot (Norfolk, VA)
- Article date:
- July 22, 2009
CopyrightCOPYRIGHT 2009 The Virginian Pilot-Ledger Star. All rights reserved. Reproduced with the permission of the Dialog Corporation by Gale Group. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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By Alex Veiga
The Associated Press
For a Phoenix musician who was struggling to fit a drum set, a piano and three guitars into his 600-square-foot apartment , the math for owning a home finally began to work in his favor.
Rent for the apartment Aaron Carter shared with his wife: $615. Mortgage payment for a home with twice the space: $760. And the interest on a mortgage is tax-deductible. So, they jumped at the chance to buy some elbow room.
"We figured that everything together, getting more space, getting out of the apartment life and also just the prices right now, it just was the perfect time for us" to buy, said Carter, 20.