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Buying or renting in Memphis Tennessee
- Real Estate Relocation
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Many potential home owners hesitate about entering the Memphis Tennessee real estate market because they feel that “owning costs too much.” But the fact is that after you consider income tax deductions, personal freedom, rent increases, and the accumulation of wealth through growing home equity, renters actually not only pay more, they also stand to lose tens of thousands of dollars of net worth.
Tax Deduction
As someone owning real estate in Memphis Tennessee, you will be able to deduct most of your monthly mortgage interest payments from your taxable income. As a result, your actual out-of-pocket home costs will run – depending on your combined federal, state and local income tax rates - 20 to 40 percent less than the amount of the check you write each month for your mortgage payment.
Freedom to make where you live your “home”
If you decide to rent a home in Memphis Tennessee, you are living in someone else’s property. Any improvement, decoration, change has to be approved by the landlord. Some landlords here in Memphis Tennessee are great to rent from – others may not be such diligent landlords! You are not free to express yourself and make the place your own if you decide to rent a home in Memphis Tennessee. Homeownership gives you the freedom to do what you want with your home – whether it’s purple walls, beautiful wallpaper or a hand laid brick patio for your enjoyment!
Rents will go up
Sometimes, even after allowing for tax benefits, the monthly costs of owning may still look higher than renting. But that is a short term view. Today’s rent and mortgage payments are 10 to 20 times higher than they were 30 years ago. Back in the late 50’s you could rent or buy an average home for between $25 to $150 a month. Those wise buyers who locked in their housing payment 30 years ago avoided all the increases over the years that their renting contemporaries had to endure. Similarly, locking in your housing payment today will insure insulation from future cost-of-living increases that will affect the rental market over the next 10 to 20 years. In the year 2020, today’s rent and mortgage prices will seem ridiculously low! The difference will be that you will still be paying those ridiculously low housing payments if you choose to buy a home from one of the many houses for sale in Memphis Tennessee!
Equity Build Up
Over the last 200 years, home prices in across the country have appreciated rapidly, at other times depreciated. But on the whole, homeowners have always built more wealth than renters. Even if your home doesn’t appreciate (a highly unlikely event), at the end of your mortgage term, you will own a valuable asset free and clear. You’ll own nothing if you continue to rent during that time. But if your home does appreciate, your equity will be worth much more than you have paid for it, even factoring in interest payments.
When is it a good time to rent?
If you are only going to be in Memphis Tennessee for a short amount of time you may want to consider renting rather than buying. Normally you have to own a home for a couple of years to realize enough profit from appreciation to pay for selling expenses. Talk to your Memphis New Quest City agent to see how long you would have to own a home to be able to break even when you sell.
Chose a real estate agent with experience to help you!
Many buyers start their Memphis Tennessee home search randomly. They see a home listed on a Memphis Real Estate site and in their initial excitement call the listing agent. Firstly, that agent is already working for the seller and cannot represent the buyer’s best interests. You need a Memphis Real Estate agent with a proven track record of not just sales, but of helping buyers. This is especially true if you are interested in Foreclosures in Memphis Tennessee. Memphis Real Estate agents referred by New Quest City have experience in helping buyers relocating to Memphis TN buy a home for the right price!
So to find out if buying a home in Memphis Tennessee is an option, request your FREE “Relocation to Memphis Tennessee” relocation package (click on link above). Then, a top Memphis Real Estate agent will contact you and send you information on homes in Memphis Tennessee.
Topics on this site include: Memphis homes, Memphis new homes, Memphis real estate and Memphis newspaper including homes Memphis real estate, Memphis TN real estate and check Memphis MLS homes for sale and houses for sale, find realtors and real estate agents, get new houses plus Memphis new homes and homebuilders, find Memphis foreclosures, Memphis houses for sale, condominiums and Memphis Condos, and Memphis TN newspaper reports, lofts and Memphis lofts homes, look for apartments townhomes townhouses, search jobs and help wanted, movies, bars, restaurants and events, Memphis luxury homes.
Memphis is a city in Shelby County, Tennessee, of which it is the county seat. As of 2006, the city of Memphis had an estimated population of 680,768, making it the largest city in the state of Tennessee and the 17th largest in the United States. Even though Memphis is the state's largest city, it is the youngest of all of Tennessee's four major cities. One of the largest celebrations in Memphis is Memphis in May. The month-long series of events promotes Memphis' heritage and outreach of its people far beyond the city's borders. Each year, Memphis in May honors a different country, highlighting various aspects of the honored nation's history and culture. Other signature events of Memphis in May include the World Championship Barbecue Cooking Contest, the FedEx St. Jude Classic a PGA Tour golf tournament, and the closing event of the month — a performance of the Sunset Symphony.In the last decade, the art scene in Memphis has exploded. -- Source: Wikipedia.com
AskMe a Question About Memphis, Tennessee
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Census Data for Memphis, Tennessee
| Memphis | Tennessee | United States | |
| Population | 650,100 | 5,689,283 | 281,421,906 |
| Median age | 31.9 | 35.9 | 35.3 |
| Median age for Male | 30.1 | 34.5 | 34 |
| Median age for Female | 33.8 | 37.2 | 36.5 |
| Households | 250,721 | 2,232,905 | 105,480,101 |
| Household population | 632,874 | 5,541,337 | 273,643,273 |
| Average household size | 2.52 | 2.48 | 2.59 |
| Families | 158,458 | 1,547,835 | 71,787,347 |
| Average family size | 3.18 | 2.99 | 3.14 |
| Housing units | 271,552 | 2,439,443 | 115,904,641 |
| Occupied units | 250,721 | 2,232,905 | 105,480,101 |
| Vacant units | 20,831 | 206,538 | 10,424,540 |
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