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Better To Buy Than Rent In Over Half St Louis Neighborhoods

St Louis NeighborhoodsIn over half (58 percent) of St Louis neighborhoods it is a better move financially to buy a home rather than rent a home, according to a report just released by Zillow.  According to the report, in 49 neighborhoods in the city of St Louis (of 76 in the report) and in 42 neighborhoods in the county of St Louis (of 87 in the report) it makes more sense to buy a home than rent.

In putting this list together, Zillow looked at the costs associated with buying and leasing a home, including up front payments, fees as well as payments and other costs.  Normal appreciation and rent increases were factored in as well and then a break-even point of 3 years set with areas where the additional cost of buying a home is recouped in 3 years or under being considered a neighborhood where it makes more financial sense to buy than rent.  On a national level, 64 percent of the metro areas were more buyer friendly than renter friendly.

The table below shows all the St Louis neighborhoods  covered by the report as well as the time (in years) that it would take to “break-even” in terms of buying a home versus renting a home.

 

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