The magic number for people moving to Bellingham, a city of 87,000 people north of Seattle, is 6.4 years.
The Bellingham Herald reports that people intending to stay for seven years or longer in the city should buy. For those seeking a shorter stay, renting is the financially smarter choice. The calculations are based on SmartAsset’s breakeven point for buying or renting.
Living on the West Coast typically meant waiting longer before a homebuyer would break even, said AJ Smith, vice president of financial education for SmartAsset. … A longer break-even period can have an impact on home-buying decisions.
Buying a home for a short period carries a risk. Home values may not appreciate as much as inflation, and there’s always a chance of a bubble burst.
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