According to the latest nationwide data from Trulia, homeownership with a 30-year fixed rate mortgage remains cheaper than renting; on average about 35% cheaper to be exact. According to the study, interest rates nationwide would have to raise to over 10.5% in order for renting to be cheaper than buying. For reference, interest rates have not been that high in over 25 years. If you are on the fence between buying or renting; serious consideration should given to locking in a fixed rate mortgage now, while interest rates are still very low, and rent prices are predicted to raise considerably over the next year.
