Live Rent vs. Buy Comparisons

[david]

Ha,
Here is a website I found which is very useful to compare rent vs buy.
http://rentorbuy.thruhere.net/
It list the average property price, est monthly payment vs rent at the same area (zipcode actually).
If u r lucky, u might find the property listing price as far as back in year 2004.

[Robroy]

I live in the Renton Highlands in a slightly upper-middle class neighborhood.

five bedroom
"Large" two car Garage
Cul-de-sac
heat pump air
Professionally landscaped yard (but I do my own yard work) on about a fourth of an acre
2.5 bath
gas water heat
houses around me built at the same time by the same builder list for between $499 and $550.

I pay $1600 a month.

[los]

We're leasing a place on a Beacon Hill for $1600. Not sure on market value. But we decided against a 3-br Seward Park house with a stunning view at $1800, and a waterfront Burien house at $1900 that's optimistically assessed over $800K.

The house we decided on has 1100 sf up (2 beds, bath, living/dining, large kitchen, all but kitchen/bath are hardwood) and 650 finished in the basement. Nice deck too, with a superb view of the sunset over mtns and peek view of Elliot Bay and better than peek view of downtown. In a peaceful enclave of Beacon where every house has nicely landscaped yards, and 2 of the 3 houses on the market list over $700K (much bigger houses, of course). And I can probably bike to work in 15 minutes or less.

[perfectfire]

18223 NE 95th way, Redmond, WA

townhome.jpg (61.9 KiB) Viewed 6626 times

: $1699/month
: $369,950

[perfectfire]

This isn't exactly live, but this house was one we seriously considered renting until we decided that it wasn't worth possibly ruining our son's lungs living next to a freeway.


Bellevue, WA 98008

Previously for rent: $1950/month
Now for sale: $477,500

This is the second house that we looked at to rent that has come up for sale. I'm beginning to think the rental market is cooling down a lot.

[Robroy]

Pretty amazing. We live in a MUCH nicer home on a cul-de-sac in a quiet flat upscale neighborhood a half mile of cemetary road in the east Renton Highlands and pay $1,600.

Wonder if they will get their $1950. The difference is a car payment...

[perfectfire]

Here's one:


or

.
Zillow puts the monthly payment at $1,772, but that's [b]after[\b] a %20 down payment (yeah, right), and [b]before[\b], taxes, insurance and maintenance. Then there's the risk of going into major debt on a depreciating asset in the worst recession in 60 years. But that's probably offset by "pride of ownership".

[RottedOak]

The Bravern in Bellevue just announced that they will be renting units that they wanted to sell. The Seattle Times article about it () says rents will start at $1100/mo, and the selling prices start at $320,000. So assuming the cheapest condo is also the cheapest apartment, we have a straight-up comparison. With 20% down and a 4.75% interest rate (below today's average), just the mortgage payment would be over $1300/mo. Never mind taxes, or that HOA fees are usually several hundred a month in high-rise condos.

[The Tim]