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Is Buying Cheaper Than Renting?

Is Buying a Home Cheaper Than Renting?

Good news for prospective home buyers: the housing market crash caused an increase in demand for rentals and drop in housing prices, which makes it cheaper now to buy rather than rent in many US cities, according to data compiled by Trulia, a residential real estate website. In fact, Trulia found it was cheaper to buy rather than rent in 74 percent of the 50 biggest cities in July.

Here are five cities where it is more affordable to rent:

  • New York, NY
  • Fort Worth, TX
  • Omaha, NB
  • Seattle, WA
  • San Francisco, CA

And five cities where it is more affordable to buy:

  • Las Vegas, NV
  • Detroit, MI
  • Fresno, CA
  • Mesa, AZ
  • Arlington, TX

Of course, it only makes sense to buy if you're looking to stay in a place for longer than seven years, if you manage to get a loan with a good rate, and if you have enough cash on hand to pay for it as well as a savings cushion if an emergency pops up.

Source: Thinkstock
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