The Decatur: Cheaper to Own than Renting?

We’ve recently received a study claiming that it’s now more cost-effective to own at The Decatur Condominiums than it is to rent in the popular First Hill neighborhood.  This study compares one and two bedroom homes in The Decatur to comparable properties offered at nearby apartment buildings.  It considers variable market dynamics including lower selling prices, FHA financing, historically low interest rates, rising rents and tax advantages for homebuyers.  The chart they provided contains two scenarios tallied over a period of five years aggregating the total housing costs for both renting and owning, and you can tap onto it here– The_Decatur_Chart.

The study also referred to a recent Puget Sound Business Journal article headlined “Ascent of Rent” , which takes a look at rental rate increases, plus the lack of new condominium projects scheduled for development.  This article also covers the number of rental properties slated for construction–subject, as always, to funding availability.    

More than 80% sold, The Decatur has 146-units comprised of one and two bedroom homes starting from just $187,500.  Built in 1950, the concrete and steel high-rise landmark was substantially renovated in 2006 and 2007, and converted to condominiums before the market corrected.  Prices are now up to 40% below the original sales prices.  Take a look at the links we’ve provided and if you’d like more information or to schedule a private tour, just contact us at urgent@stroupe.com.