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The latest Rent vs. Buy Index by Trulia shows that buying a two-bedroom apartment, condominium, or townhouse is more affordable than renting in 80 percent of the 50 largest cities in the U.S.  Only in New York, Fort Worth, and Kansas City was renting a less costly option compared with buying.

Key findings include:

  • Current market conditions consisting of steadily rising rents, falling home prices and low mortgage rates have tipped the rent versus buy scale in favor of homeownership.
  • Price:Rent ratios in Fresno, Omaha, and San Jose experienced the largest quarter-over-quarter movement in favor of homeownership.
  • Aspiring homeowners in Los Angeles, Seattle, Boston, San Francisco, Portland, and Oakland face a bigger challenge when it comes to deciding between renting and buying a home. The cost of homeownership in these coastal cities continues to be more expensive than renting; however, it may make more financial sense to buy depending on the situation.

C.A.R.

Posted by Adam Andrus on May 5th, 2011 8:24 AMPost a Comment (0)

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