Study Claims it’s Better to Rent than Buy a Home in Wyoming
Well, this is unexpected. I've found a new study that claims you are better off renting than buying a home in Wyoming.
The claim is that average rent compared to average mortgage cost is $175 less in Wyoming. On the surface, that's a compelling statistic. But, that omits one key word: Equity.
Many Reddit comments echoed that principle. One mentioned that if a person has a $2500 house payment, they're better off than someone who is paying $2500 in rent since the renter gets no value back in equity.
But, another mentioned that it's not always easy to get a loan if you're single and have a big student loan to repay.
The other factor that didn't get mentioned in comments I saw is the fluctuation in individual markets depending on the economy of a city. If Casper property values are on the rise because the economy is good, it's a great idea to buy a home if you can afford it. But, what if the economy in Sheridan starts to suffer and values go down? Maybe you are better off renting. Maybe.
The How Much story is worth the read if you're on the fence about what option you should choose. My family rents, but wants to buy once we can save enough for a good down payment. I guess that makes me a fence rider.