Buying Is Cheaper Than Renting In Every Major Metro Area

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October 21, 2016

Photo: Pixabay

Owning just earned yet another victory over renting.

According to Trulia data cited by MarketWatch, it is now 37.7 percent cheaper to buy than to rent in the top 100 cities in America. That’s the highest mark since 2012, when it was 40.7 cheaper.

The Trulia report said that buying is cheaper than renting in all 100 cities. Trulia’s data is based on March 2016 median rent and for-sale prices.

Trulia’s analysis compared the monthly costs of owning — including mortgage payments, maintenance, insurance and taxes — to those for renting comparable properties. It factored in such things as closing costs, down payments, security deposits, rent appreciation, renter’s insurance and more. It assumed that new buyers would stay in their homes for at least seven years, put 20% down and got a 3.7% mortgage interest rate.

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