Higher demand, higher prices: This supply-and-demand principle holds up in high-priced cities with large populations such as New York City and San Francisco. But that is not always the case: By choosing smaller-scale markets such as Pittsburgh, Pennsylvania, and Tampa, Florida, buyers can purchase their urban dream home without breaking the bank. Here are 7 population-dense cities where buying is cheaper than renting—see if your city makes the list.
In just over half of U.S. counties it is more affordable to buy a home than to rent one, according to a study released yesterday by the national property data analysts at ATTOM Data Solutions. However, the trend reverses when looking at high-density counties, which means in most of the places where people choose to live, it is generally less expensive to rent than buy. However there are a handful of locations around the country where there are both large populations of people and homes that are still more affordable to pay a monthly mortgage on rather than rent to a landlord. Here are seven of them along with median home prices:
- Miami-Dade County FL: $349,250
- Broward County, FL: $330,000
- Wayne County (Detroit), MI: $110,000
- Philadelphia County, PA: $225,000
- Hillsborough County (Tampa), FL: $239,950