It’s the age-old question: is it better to rent or own? For residents of Manvel and Pearland, TX, that question comes with a few other strings since the current market in these areas is rapidly developing. So should you rent or buy in Pearland, TX? Let’s take a look at some of the facts:
How Much Does it Cost to Rent in Pearland?
Typically rental properties in Pearland consist of modern condo buildings with luxurious amenities. The average price for units in this area ranges from about $900-$1,800 per month, depending on the building, location, amenities, and unit features. The size of the units can be anywhere from 600 square feet to 1,600 square feet with one to three bedrooms.
Other costs you need to consider when renting a property include your utilities, which are often not included in the price, and your technology such as Internet, phone, and satellite TV.
However, there is something to be said about the carefree lifestyle of a renter. When you rent a property, you are not on the hook for any maintenance or repairs caused by wear and tear. This could save significant money in the long run since you won’t need to worry about paying for plumbers, HVAC experts, or landscapers to maintain your property, yet you still benefit from these services.
Is Owning a Home Worth It?
Although Pearland is booming due to new developments and businesses moving in the area, the housing market is staying the same for the current time being. Property values have stayed pretty much the same over the course of the past three years, with a slight increase in median listing prices from $208,000 in 2014 to $298,000 in 2016 according to Realtor.com.
With prices like these, depending on things such as your down payment and mortgage rates, the monthly payments could be comparable to what renters pay. However, owning a home also comes with the responsibility of taking care of all the maintenance and repairs. Homeowners should be prepared for these types of expenses.
For many people, the biggest draw to owning a home is the equity and the fact that the monthly mortgage payments are eventually going to allow them to own their property outright. Homeowners have the advantage of freedom when it comes to changing or upgrading their homes.
As the demand in Pearland continues to rise, the value of homes and rental properties will also go up. This could influence your decision whether to buy or rent. Depending on your unique situation, either option could work best. For more information on buying and renting in Pearland and Manvel, TX, call The Sam Team at 832-200-5656 today.