Throughout the country, rent prices fluctuate and depending on where you are, a couple years of paying a mortgage will quickly outweigh what you gain (nothing) from paying for a place to rent. Nationally, the average renter can justify buying a home within three years of purchase. The Memphis movers have learned the value comes much sooner for Memphis buyers–the payoff comes in after 1.3 years when the homeowner has put down 20 percent when purchasing.

In other below-average areas, such as Millington, the payoff time is 1.5 years, Germantown is a little longer, at 2.5 years. Memphis also has the best (shortest) payoff time in Tennessee’s metro areas, beating out Chattanooga, Nashville, and Knoxville. In other popular metros, like Los Angeles, the payoff time is over 4 years, and well-to do areas like Newport Beach have a staggering 14 year period before it financially makes more sense to buy.