Will Parker

speaker

780 appearances 18 recordings 1 series first heard May 2019 last heard Nov 2024

Will Parker’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Rent or Buy: With Home Prices Soaring, Which Is Better? · 13 May 2022 podcast

Yeah, so home prices vary a lot between cities, and also the ratio of what it costs to rent a home to what it costs to buy a home is also different in a lot of cities, and there are a lot of things that affect that.

But because of those differences, the thinking through renting and buying can be different in a lot of those places.

In some cities, if renting a three-bedroom house is cheaper than

relative to what it is to buy, then that might change the way that you think about it.

But not every market is the same.

It's not uniform.

And so, you know, it's important to think locally when you're looking at housing data like this.

So there's a lot that goes into it.

We worked with a mortgage finance startup called Tomo, and there's an economist there who came up with a model.

And the model tries to include a lot of different variables.

So it tries to project things like maintenance costs of owning a home, property taxes, the closing costs.

that go into buying a home.

On the other side, for renters, it tries to calculate things like renter's insurance and also tries to assume that, well, if renters aren't buying a home, perhaps they're saving some money and putting it in the stock market to try to make as balanced of a comparison as possible.

And there's also a lot of assumptions here too, like 5% mortgage interest rate, that's already moving up a bit, could move even further.

So it really depends on a lot of things.

As mortgage rates rise, that makes the cost of owning a home higher, right?

And, you know, depending on the situation, that could mean that the time it takes you to break even on that home purchase relative to renting it could get even longer.

So it's another thing to think about as far as, you know, just home affordability, but also how those costs will compare if you rent it, at least in the near term.

Thanks for having me.

WSJ Your Money Briefing · Rising Rents Spur Cities to Consider Rent-Control Laws · 15 Mar 2022 podcast

housing prices are rising so quickly at such a rate, this becomes a big part of general inflation and has broader consequences for the economy. matched

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