Is it better to Rent or Buy a home? This is a question that many have been asking themselves in today's market. Of course, it depends on the market, type of home, price range and more.....
To help consumers make this comparison, we launched our new index today for America’s Top 10 Cities to Buy vs. Rent and the Top 10 Cities to Rent vs Buy.
Please let me know what you think?
You can see the entire list and download the Top 50 cities here.
Thanks for the info... Having family in Ok City...it was interesting to see the rent there being more 'desirable' that the purchase. The cost of housing is quite low.. must mean that the rents are even lower. So, question... does this mean that the best places to buy rental properties would be those on the 'Buy' list? I would think so after getting the data on the vacancy rates, etc... Just a thought... investors...
Hi Rudy! Interesting info... Arizona listed 2x in the top 10 to buy.
With Phoenix and Mesa listed, it is good to note that "it depends on the market, type of home, price range and more."
Both are large cities with many sub-markets. Some areas will obviously out perform others within each of those cities. Price range, demographics etc are very different in parts ofl both Mesa and Phoenix.
Fun data to crunch, for sure...
Take care.
I downloaded Trulia's entire list and no cities in Utah were even listed. I was dissapointed and decided to figure it out myself.
Average Price for 2 bedroom home/apt/condo/towhouse (pulled off wfrmls site):
Salt Lake County: $169k
Utah County: $145K
Provo: $124K
Average Rent for 2 bedroom home/apt/condo/townhouse (just guesses):
Salt Lake County: $850
Utah County: $750
Provo: $650
Trulia's calucalation:
Salt Lake County: 17
Utah County: 16
Provo: 16
So if my numbers are somewhat accurate this is where we fall:
"Price-to-Rent Ratio of 16-20: The total costs of ownership of a home in this city are greater than the costs of renting, but it might still make financial sense depending on the situation."
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