Frequently Asked Question
Quick Answer
A reasonable rule of thumb for this market is 3–4 years, based on typical closing costs to purchase (2–5% of the price) and costs to sell later (6–10% of the price). Staying longer than that meaningfully improves the financial case for buying, since those transaction costs get spread across more years of equity growth and payment stability.
A reasonable rule of thumb for this market is 3–4 years, based on typical closing costs to purchase (2–5% of the price) and costs to sell later (6–10% of the price). Staying longer than that meaningfully improves the financial case for buying, since those transaction costs get spread across more years of equity growth and payment stability.
This answer is part of a longer article by Pam Heinold:
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