Buying Is Now 33.1% Cheaper Than Renting in the USThe results of the latest Rent vs. Buy Report from Trulia show that homeownership remains cheaper than renting with a
Home Values Beyond Schools Parks And Freeway Access
Location, Location, Location has long been the mantra among professionals and home buyers. Typically what that means is value is determined by the desirability of a location, not just the house. It's the reason your parents told you to buy the worst house in the best neighborhood. Major drivers to this concept have always been schools, amenities, employers, and access.
How good is the school district? How do they rank? What is the turnover rate with their staff? Where is the nearest grocery store? How far to the mall? Can I easily reach a highway to commute to work? Speaking of, who are the areas top employers? The answers to all of these questions help determine the value of homes in the area. These are the things we cannot control. There is a new one to add to the list...hipster restaurants.
I was just reading an interesting article on AZCentral.com that said that the zip codes with the newest hipster restaurants are appreciating at faster rates than zipcodes that do not have these fashionably hip dining establishments. Younger buyers are attracted to areas with non-chain restaurants. These zip are seeing appreciation at the rate of 17-20+% in recent months. Zips like 85012 and 85014 have just what these new urban buyers are looking for.
So while you are considering schools, parks, freeway access as you look for your next home, you might want to take a look around to see what restaurants are coming in!