The recent rises in asking prices has been outpacing the increases in rents, but home buying still may make more financial sense, a new study shows. Owning a house was found to be 44 percent cheaper than renting, according to the latest study from Trulia that compared the costs of the two.
The study found that owning is less than half the cost of renting in 46 of the 100 largest metros. “Buying a home is cheaper than renting in all of the 100 largest metro areas,” according to Trulia.
Falling mortgage rates are helping to keep home buying more affordable. But depending on where you live, the difference between owning versus renting can be big or small. For example, in San Francisco, home ownership was found to be 19 percent cheaper than renting, whereas in Detroit owning a house is 70 percent cheaper than renting.
The following are places where home purchases exceed renting by the highest amounts:
- Detroit
- Dayton, Ohio
- Gary, Ind.
- Cleveland, Ohio
- Warren-Troy-Farmington Hills, Mich.
- Toledo, Ohio
- Memphis, Tenn.-Miss.-Ark.
- Kansas City, Mo.-Kan.
- Birmingham, Ala.
- Indianapolis
The author of this article is: realtormag.realtor.org
See the original post at: http://realtormag.realtor.org/daily-news/2013/03/22/study-buying-home-44-cheaper-renting
At GayRealEstate.com, we keep you updated with all the gay realtor, lesbian realtor, gay realty, gay real estate and general real estate news affecting the LGBT community coast to coast, and in your neighborhood.
Click here for list of gay realtors, lesbian realtors and gay friendly realtors Nationwide.
If you have a real estate story that you’d like to share with us with the gay and lesbian real estate community, please contact us at: manager@gayrealestate.com
