Homeownership More Affordable Than Renting In 98% Of MSAs

Posted by Orb Staff on March 22, 2012 No Comments
Categories : Residential Mortgage

According to the Winter 2012 Rent vs. Buy Index from Trulia, homeownership is currently more affordable than renting in all but two of the 100 largest U.S. metropolitan areas.

The latest index, which is based on asking prices for rental units and for-sale homes on trulia.com between Dec. 1, 2011, and Feb. 29, 2012, shows that homeownership is often a relatively affordable option even in expensive real estate markets, such as New York, Los Angeles and Boston. Only in Honolulu and San Francisco is renting currently a better deal than buying, Trulia says.

The best markets for home-buying vs. renting are Detroit; Oklahoma City; Dayton, Ohio; Warren-Troy-Farmington Hills, Mich.; and Toledo, Ohio. Among the less attravtive markets for home-buying are San Jose, Calif.; San Diego; Colorado Springs, Colo.; and Albuquerque, N.M.

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