The decision to rent or buy a home can be a challenging one for anyone looking to move. A study from SmartAsset, a financial technology company, makes it easier by determining which markets are the best for buyers.
Dickinson County ranked among the best places to own in Kansas in SmartAsset’s study, which compares average rent and home prices in counties across the U.S. to find the places where buying makes the most sense.
SmartAsset compared the total costs of buying and renting a typical home or rental in each county, for a household earning $100,000 a year. For the “buy” scenario, they made the following assumptions: a mortgage rate of 4.5%, closing costs of $2,000 and a down payment of 20%. For each county, they calculated the breakeven point in the buy vs. rent decision— the point at which the total costs of renting become greater than the total costs of buying.
The counties with the shortest time to break even are the best places to buy.