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Article: Scales tip toward buying homes instead of renting
- Article from:
- Deseret News (Salt Lake City)
- Article date:
- July 22, 2009
- Author:
CopyrightCopyright 2009 Deseret News (Salt Lake City). Provided by ProQuest LLC. (Hide copyright information)
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For Aaron Carter, a musician who was struggling to fit a drum
set, a piano and three guitars into his 600-square-foot apartment in
Phoenix, the math on owning a home finally began to work in his
favor.
Rent for the apartment he 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 as a couple" to buy, said Carter,
20.
For Americans debating whether to buy or rent their homes, the
scales are tipping ...