Home Real Estate Mortgages are now cheaper than rent in Odessa districts

Mortgages are now cheaper than rent in Odessa districts

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ODESSA, TX (KOSA). When it comes to finding accommodation in Odessa, you will find that mortgages are often cheaper than renting in some places.

At the end of 2019, housing and rental prices were growing at the same rate, but after a few months the situation changed dramatically.

During the pandemic, housing and rental prices in Odessa have skyrocketed. When prices returned to normal, home mortgages became more affordable than rent.

Now Odessa tenants pay almost 40% more monthly rent for housing than homeowners pay on a mortgage.

Odessa real estate broker Gail Hirsch says extremely low interest rates are behind the trend.

“I have observed that it is 6%, 5%, 4%, which is the lowest rate that I think we have ever had,” said Hirsch.

It’s time to buy a house, but brokers say you shouldn’t expect it to last long. Heather Pritchard, owner of Ziglas Realty, says she does not expect such low rates to continue.

“These rates will not stay that way forever, they are probably as low as we see them, and experts tell me that in the industry, they really expect them to gradually start growing, growing from here.”

Both brokers say more people are coming to the area and building houses.

“We’re really getting more people here because they’re bringing back more oil companies that start making things and oils, so it’s starting to bring more people back,” Hirsch said.

On the fence about buying a house? Now may be the right time for you.

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