In this market, it’s not always easy to tell whether it makes more sense to rent or buy. With the help of SteetEasy, a real estate information Web site that launched in the D.C. metro area earlier this year, we decided to compare a property that is for rent and for sale to see which is the better deal. In the case of this Bethesda condo, the difference is slight.
The one-bedroom plus den, two-bath unit is listed at $525,000, or you can rent it for $2,595 a month. It comes with garage parking, a roof deck and an exercise room. The listing agent is Bradley Rozansky of Long and Foster Real Estate.
The StreetEasy data assumes that a buyer would make a 20 percent down payment and take out a 30-year fixed-rate mortgage at Monday’s rate of 4.31 percent. Condo fees and taxes are included in the calculation, but not the tax benefits of buying (e.g., mortgage interest deductions).
Address: 7710 Woodmont Ave., Unit 401, Bethesda
Sale price: $525,000
Total monthly costs when buying: $2,587/month
Rental price: $2,595/month