For decades, most Westport families lived in homes they owned. This is suburbia, after all. Renters lived in places like New York City.
But times, real estate markets and financial planning have changed.
According to a story in today’s New York Times real estate section:
In a real estate market tinged with so much uncertainty, renting at more than $5,000, $8,000 or even $10,000 a month feels like a safer bet these days to a number of people who could well afford to buy in the suburban counties of Fairfield and Westchester, where median sale prices in many towns are above $1 million. Indeed, demand for high-end single-family rentals is up significantly, a trend that dovetails with a decline in sales in New York and across portions of the region.
The story includes a couple of Westport examples.
Aimee Raupp-Temple and her husband Ken Temple rented instead of buying a house when they moved here from Brooklyn Heights 3 years ago. They were testing out an unfamiliar place.
But they love Westport. They think home prices will continue to drop. So they’re renting again — in Wilton — while waiting out the market to buy here.
Another couple — Michelle and Jeremy Fine — and their 2 young children have moved White Plains. Property taxes are much lower here.
But they too did not want to buy in Westport until they test-drove the town.
Click here for the full Times story. If you’re a renter, we’d love to hear your thoughts; please click “Comments” below.
Meanwhile: Welcome to Westport, Temples and Fines!
(Hat tip: John Karrel)