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Where It Costs Less to Own Than Rent

We got some good economic news during the past week with announcements that July's new and existing home sales jumped significantly, beating analysts expectations. While buying a home isn't the best choice for everyone and not every American considers home ownership part of the dream, lower prices have made it an option for more people who want it.

Because the market has sunk deeply in certain areas, owning a home can cost nearly the same as renting. BusinessWeek and research firm Reis discovered that it actually costs less to own than rent in Detroit and Pittsburgh, and they found 20 other metros where renting costs almost the same as buying. It doesn't look like they took into account the added maintenance expense that comes with home ownership, so keep that in mind when perusing the results.

Image Source: Getty
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