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Should I Buy or Rent a Home in the Tri-Cities?

By in Buyers with 0 Comments

Is now the time to buy a house in Tri-Cities? Or is it the time to rent? These aren’t the best questions to ask right now, because rentals are as scarce as a hen’s teeth around here. But let me share something about buying vs. renting, anyway.

This article in the New York Times discusses how it truly is a great time to buy a house in many areas of the country…especially areas where it was a horrible idea to buy just a few years ago. They also include a calculator that helps you find out what is best to do in your area.

So, what’s best for Tri-Cities real estate shoppers? It’s a fantastic idea to buy here because our rents are increasing due to the high occupancy rate — we’re at 98%. (I don’t know how much rents are increasing, I just know they are.)

To help you fill in the blanks in that calculator, here’s some Tri-Cities data you need to know –

  • 30-year mortgage rates are hovering at 5% (which would be your interest rate if you’re the perfect borrower, so make it closer to 6% if you know you’re not).
  • Tri-City home prices go up between 1-3% a year, so play it safe and place the bar at 2% on that question.

Have fun playing with the numbers, and call me if it’s time for you to buy here. As of this morning, there are 1064 houses available for sale in the Tri-Cities area. Surely we can find one for you.

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About The Author
Cari McGee

My husband and I came to the Tri-Cities in 1994, and we thought it would be a temporary stop on our way to larger cities. He was a television sports anchor at the time, and we planned to go wherever the "next step up" took us. Twenty-plus years later, we're still here and we've loved every minute of it! We have two children now, and we've found the Tri-Cities area is a wonderful place to raise a family. It's a great place to do outdoorsy things -- I like to hike Badger Mountain or run along the river path. I also love reading ... by a cozy fire in the winter or a beautiful picture window in the summer (with the A/C on!). I've been a licensed Realtor since 2004. I earned my managing broker's license in 2016, which means I can run my own brokerage, or create a team of real estate agents and supervise them, which is exactly what I did when I formed the Cari McGee Real Estate Team in 2018! We have administrative and marketing personnel, as well as additional agents to serve you. I became a director of the Tri-Cities Association of Realtors Board of Directors in 2016, became Secretary/Treasurer of the organization, and was elected to Vice President in 2019. Want to talk about real estate? Click here to schedule a meeting with me!

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