Cheaper to Own Than Rent in Major Metros. Real Estate News. Phoenix.
To buy or to rent? Buying a home makes more financial sense than renting in 72 percent of the largest U.S. cities, says home-search Web site Trulia, based on an index that compares the median sales price of homes with the median rent on two-bedroom apartments, condos, and townhomes. The top five metro areas favoring ownership are Miami; Las Vegas; Arlington, Texas; Mesa, Ariz.; and Phoenix.
"Since the start of the ‘Great Recession,' many former home owners have flooded the rental market," says Trulia CEO Pete Flint. "Following the principles of supply and demand, renting has become relatively more expensive than buying in most markets."
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