Is It Cheaper to Buy Than to Rent? The Answer May Surprise You; Infographic Reveals Surprising Data About Military Families on the Move for PCS Season
Salt Lake City, UT (PRWEB) July 29, 2013 -- Every summer, Permanent Change of Station (PCS) season orders require thousands of military families to move to a new region. Research released by Trulia and echoed here by top-rated VA mortgage lender iFreedom Direct® shows that owning a home can cost these families an average of 44% less than renting nationwide. These and other surprising statistics appear this month in an infographic designed to give military members the knowledge they need to make the right financial decisions for their families when Uncle Sam says it’s time to move.
Military families need good data if they’re going to make smart financial decisions, and the infographic provides it by comparing the costs of renting a home versus buying one. iFreedom Direct® shares statistics that show in all 100 of the largest American cities, it costs less to own a home than it does to rent one -- as much as 70% less in the cheapest-to-own city of Detroit, MI. Coming in just behind Detroit for cities where owning is a no-brainer are Dayton, OH, Gary, IN, Cleveland, OH and Warrant-Troy-Farmington Hill, MI. Cities where it’s a closer call include San Francisco, CA, Honolulu, HI, San Jose, CA, New York, NY and Albany, NY. Owning in these five cities ranges from 19% to 30% cheaper than renting – still significant for some family budgets.
“About 700,000 military members have to move every year,” says Tim Lewis, Retired U.S. Army Major and Special Projects Director at iFreedom Direct®, “but because a PCS move happens so fast, the temptation is to take the path of least resistance and just find a rental home. Financially, that may not be the best decision. We wanted to help make service members aware of their housing options, and that’s what we’ve done with this infographic.”
There are currently 5,390,167 active U.S. military and military family members, and the average enlisted serviceman or woman moves once every three years. The majority of these moves occur when a service member receives Permanent Change of Station orders sometime between May and August. For many of these families, it can be an extremely stressful time, and property selection may be one of the leading causes of anxiety.
The data provided in iFreedom Direct’s infographic may be invaluable to military families who will be moving this PCS season.
To view and share the complete infographic, visit http://www.ifreedomdirect.com/pcs. To schedule an interview with iFreedom Direct’s Special Projects Director Tim Lewis, contact Valery Behr at (801) 493-2848. For more information about VA loan benefits, visit http://www.ifreedomdirect.com.
Valery Behr, iFreedom Direct Corporation, http://ifreedomdirect.com, +1 (702) 499-4164, [email protected]
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