Business Week recently came out with a study of buying versus renting across the country. The study included a look at 20 metro areas in the United States where buying a home may be only a bit more expensive - and sometimes less expensive! - than renting.

Some of the cities featured in this study (which is available on Business Week's web site) include Las Vegas, Cleveland, Dallas, Pittsburgh and, of course, Jacksonville.

Figuring the "Own to Rent" Ratio

Jacksonville came in 17^th on Business Week's Top 20 List. The study features "own to rent" ratios which examine the annual cost of owning a home versus the annual cost of renting a home in these metro areas.

Jacksonville came in with an own to rent ratio of 138. In other words, the annual cost to own a home in Jacksonville is approximately $12,452, while the annual cost to rent a home in Jacksonville is $9,048.

The own-to-rent ratio includes ownership costs calculated using a fixed, 30-year loan for 100 percent of the purchase price with no down payment. If a down payment of 20 percent was factored into this equation, owning would have actually beat out renting in Jacksonville, as well as 10 other metro areas on Business Week's website.

Financial Benefits of Owning vs. Renting

The median price for a rental in Jacksonville is currently about $850 month, while the median cost of a home, per month, in Jacksonville is about $1,092. Factor in the many financial benefits of owning a home and it becomes quite clear that, for many people, buying a Jacksonville property far exceeds renting one.

Other factors to consider include the $8,000 new buyer tax credit, low interest rates and the great inventory of homes currently on the market.