Renting vs. Buying in Yakima: Pros, Cons & Realtor Insights

Considering Renting vs. Buying in Yakima: Local Realtor Weighs In

As the Yakima real estate market faces ongoing challenges, local realtor Cory Bemis of John L. Scott Realty suggests that renting might be a more viable option than buying a home in the current market. Bemis states that an average 3-bedroom home in Yakima currently rents for $1,500-$2,500 per month, while purchasing the same home would cost between $300,000 and $400,000.

Down Payment and Monthly Costs

When deciding whether to buy or rent, Bemis emphasizes the importance of considering how much money you can put down before taking on a mortgage payment. He explains that having a small down payment would result in a break-even situation at best, after applying the principal reduction and tax deductions. On the other hand, having a larger down payment (20%) would provide greater benefits in terms of monthly costs when compared to current rental rates.

Maintenance and Repair Costs

In the current market, Bemis believes that renting may be a safer and more straightforward option due to the lack of unexpected maintenance and repair costs. However, in the long term, purchasing a home could be a better investment if the monthly costs are affordable.

Renting as a Viable Option

Bemis suggests that if you plan to live in your home for 3 to 5 years, renting might offer better value in the current market. This is because you may not live in your home long enough for it to appreciate in value enough to cover the costs incurred when selling the property.

Additional Insights from Lance

Considering the various factors, it is essential to weigh the pros and cons of renting versus buying in the Yakima real estate market. Consulting with a local realtor, such as Jessica Fulk, can help you make an informed decision that best suits your needs and financial situation.

Orginal article: Link To Article – provided by Kansas City Realtors