I’m working on a post that I’d like to make this week where some real-world examples of renting versus purchasing would be really handy. There’s a thread on the forums on the subject, but I’d like to pose the question here as well.
Basically what I’m looking for are some concrete examples (with links and addresses) of homes available for rent vs. comparable homes (i.e. – similar bed / bath, square footage, lot size, neighborhood, etc.) available for sale. Ideally I’d like to throw some condos vs. apartments into the mix as well.
Here’s an example of my own to kick things off. (I did this research a few weeks ago, and since then both have gone off the market, so I don’t have links anymore.)
For Rent:
1,840 square foot house
3 bedroom, 2.5 bath
2-car garage
8,282 square foot lot
Near 74th Pl NE & NE 148th Ln, 98028
Price: $1,495 / monthFor Purchase:
1,850 square foot house
3 bedroom, 2.5 bath
2-car garage
9,660 square foot lot
Near 87th Ave NE & NE 132nd Pl, 98034
Price: $424,950
PITI*: $2,750 / month
* (Assumes 20% down, 30-year fixed @ 6.625%, Insurance @ 0.46%, property taxes at 1.15%)
So what are your best rent vs. purchase examples in the Seattle area?