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8 markets where buying is cheaper than renting
Home prices have dropped so dramatically and demand for rental units has increased so much that it's now cheaper to buy a two-bedroom home than to rent one in most major U.S. cities.
multifamily housing, rental housing, single family housing, apartment
Home prices have dropped so dramatically and demand for rental units has increased so much that it's now cheaper to buy a two-bedroom home than to rent one in most major U.S. cities, according to CNN Money.
According to real-estate website Trulia, buying was cheaper than renting in 74 percent of the country's 50 largest cities in July. In just 12 percent of the cities, including New York, Seattle, and San Francisco, renting was cheaper. In the remaining 14 percent of cities, renting was less expensive but close to the cost of buying.
Top buyer’s markets:
- Las Vegas
- Mesa, Ariz.
- Fresno, Calif.
- Arlington, Texas
- Sacramento, Calif.
- Jacksonville, Fla.
Top renter's markets:
- New York
- Ft. Worth, Texas
- Omaha, Neb.
- San Francisco
- Kansas City, Mo.
For more information: http://money.cnn.com/2011/08/16/real_estate/buy_rent/index.htm?iid=HP_LN