Unless interest rates skyrocket to 8.6 percent, buying makes more financial sense than renting in Washington, D.C. According to a new report from Trulia, it is 36.4 percent cheaper to buy rather than rent in the District. On a national level, it is 37.7 percent cheaper nationally to buy than rent a home.
According to UrbanTurf, Trulia calculated this number by assuming a 20 percent down payment on a 30-year, fixed-rate mortgage financed with a 3.5 percent interest rate. Additionally, Trulia assumes that a homeowner will live in the purchased or rented home for at least seven years.
For a closer look at the report, check it out on Trulia here.