Forbes.com ranks the Charlotte-Gastonia-Concord area No. 2 on a new list of U.S. cities where renters should consider buying.
After four years renting in Charlotte, Manisha Dorawala decided it was time to become a homeowner.
"I think I'd been here long enough I knew there was potential to stay here for another five years," she said.
Before settling on a townhouse off Scott Avenue in Dilworth, she says she probably looked at 30 places.
"I mean, I never thought I'd be able to afford a place in Dilworth," Manisha said.
The real estate downturn worked in her favor. That's part of why Broker T.J. Larsen says Charlotte came in No. 2, just behind Boston, on the list of places where renters should consider buying now.
"We've got properties that are down to the tune of 30 percent. When you start to look at that and when you start to look at really artificially low interest rates right now, the spread between owning a home and renting a home is just not big enough for someone not to take advantage of that," Larsen said.
"I'm just a little bit above, but it's pretty much the same, which is amazing," Manisha explained as she described her mortgage versus what she paid in rent.
She's certainly proud of her purchase.
"You know, I did a lot of research before I bought," she said.
Larsen added, "Know, number one, it is something you can afford. Don't make a mistake and get into a property that is above your head."
And if you're not planning to stay put for a while, don't bother.
"That's speculative buying and I wouldn't advise to go out and to do that," Larsen said.
Manisha plans to stay put and when she does sell in a few years, she's optimistic her investment will pay off.
"Hopefully, I'll sell and make some kind of profit," she said.
That's the other part of this. Forbes.com looked at a closely-watched home price index from S&P/Case-Shiller. It projects prices will increase more than 12.5 percent in Charlotte over the next five years.
