Cheaper to Buy Than Rent in 98 out of 100 Markets: Trulia

It’s cheaper to buy a home than renting it in 98 out of 100 U.S. housing markets, according to the real estate site Trulia.
That includes “pricey places” like the New York, Los Angeles and Boston, according to Trulia’s Winter 2012 Rent vs Buy Index.
The reasons: home prices are still falling in many regions and mortgage rates have remained at or near historic lows for months – while rents are on the rise.
Trulia looked at asking prices for rentals and homes for sale, while also factoring other costs such as taxes, insurance and maintenance.
Buying a home is much more affordable compared to renting in “slow-growing” areas with high vacancy rates and plenty of land, such as Detroit and Cleveland, where prices are unlikely to improve much.
The top five metropolitan areas were buying is cheapest, compared to renting: Detroit; Oklahoma City; Dayton, OH; Warren-Troy-Farmington Hills, MI; and Toledo, OH.
Check out Trulia’s slide show:

Trulia Spring 2012 Rent vs. Buy Index

View more presentations from Trulia

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