‘Break even’ time in home ownership getting longer

home ownership

home ownershipBy Diane Olick | CNBC

It will take homebuyers at least three years to break even on their investment in some of the nation’s largest housing markets, and even longer in others. While homeownership has long been deemed the “American dream,” it may not actually make sense for younger Americans right now, according to researchers at Zillow, a real estate listing and analytics company.

Zillow looked at the “break-even” time horizons in markets across the nation. This is how long it would take for the cost of owning to be equal to the cost of renting, when factoring in down payments, interest rates, home appreciation and rising rents.

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