It’s Much Cheaper To Buy Than Rent In Miami And Houston

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October 21, 2016

Bloomberg analyzed the new Trulia report and found that it's 53 percent cheaper to buy than to rent a home of similar size, the largest discrepancy among the top 100 U.S. cities. Owning is also more than 50 percent cheaper than renting in places like Houston, New Orleans, and Philadelphia.

In 58 of 100 metros, including such diverse cities as Chicago, Houston, Long Island (N.Y.), and Nashville, mortgage rates would have to top 10 percent—a level they haven’t reached since 1990—before renting became a better deal. In 26 of 100 metros, including Detroit and Dallas, home prices would have to double to make renting look like a good financial move.

Honolulu has the smallest discount, where it is only 17 percent cheaper to buy than own.

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