Now is the time to buy
For today’s homebuyers, the weight of the monthly mortgage bill is the lightest it has been in decades, CNNMoney.com reported.
Put 20 percent down on a median-priced ($154,400) existing home, and your payment will come to $616 a month, only 12.1 percent of the median U.S. family income.
In 98 of the top 100 metro areas, it’s now cheaper to buy than rent.
“If you have good credit, this is the best time in 40 years to buy,” said IHS Global Insight economist Patrick Newport.
Prices for bottom-tier properties have improved since 2011, reports Zillow, while top-tier prices keep falling.
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