This week we are highlighting Medford MA in our rent versus buy breakdown.
Whether you rent or buy a home does depend in large part on how long you anticipate staying in one area. If you think you will be moving in less than a few years, it may make sense to rent. Otherwise, this rent versus buy analysis for Medford may help you decide.
A quick look at Craigslist and boston.com showed rentals for 2 bedroom apartments in Medford MA coming in at $1,800 and higher. Let’s work with the low figure of $1,800/month. To rent, you would need $5,400 for the first, last and security or $7,200 for first, last, security and fee.
Multiple Listing Service for Medford MA shows a recent 2012 closing: Cape style 7 room single family on Palmer Street, closed for $304,000 in early February. A 5% down payment would be $15,200 with a mortgage of $288,800, based on a 4% interest rate and real estate taxes the monthly cost would be $1,639.