Rent or Buy? Which Is Cheaper in Prince George's County?

Maybe you've been questioning if you should buy or continue to rent and not certain which is the smarter option. You've begun to examine certain phenomenon such as proximity to work, neighborhood amenities and monthly costs. If you live in Prince George's County, and plan to make that decision based on monthly costs alone then you should know that renting is less expensive in all areas of the D.C.metro, except for PG County.

Buying is the better option in PG County. Renting consumes 45% of the average local wage in PG County vs the 40% needed for major homeownership costs. The median selling price of a home in PG County is $400,000. With today's 30 year rates with 3% down, the mortgage payment would be abo

ut $1,400 per month.

The average rent for a three-bedroom apartment in PG County is $2439. PG County has seen the most significant gains in home values in the D.C. region, up at an annual rate of 13.1%. Which these increases, PG County remains the most affordable jurisdiction in the DC region.

Homeownership remains more affordable in 58% of counties in the US, but median prices are rising faster than rents in 88% of counties. Ownership continues to beat renting as a more affordable option, assuming someone can afford the down payment, in the majority of the U.S.

Source: WTOP