Local

Is it better to rent or buy a home in Charlotte?

CHARLOTTE, N.C. — Within a relatively short time frame, buying a home in Charlotte makes more financial sense then renting. That’s according to a new study from SmartAsset, a financial technology company that has crunched the numbers on which home markets are the best for buyers.

In Charlotte, the data shows it takes about 2.2 years for the cost of renting to exceed the cost of buying a home. That ranks the city as the 23rd best place in the country to buy a home as opposed to renting, among metro areas with populations of more than 200,000 people.

The calculation assumes a household income of $100,000, a mortgage interest rate of 4.5% and a down payment of 20%.

“Metro areas with a low price-to-rent ratio will rank higher in this study, because in those scenarios it takes buyers less time to ‘break even,’” SmartAsset Vice President of Financial Education A.J. Smith writes in an email.

Read the full story here.

Read more top trending stories on wsoctv.com: