Buying a home is cheaper than renting in 72 percent of the largest U.S. cities, led by Miami and Las Vegas, as an increase in foreclosures boosts demand for apartments, said real estate data provider Trulia Inc.
The cities where purchasing is most affordable include Arlington, Texas, and Mesa and Phoenix, Arizona, according to Trulia's latest Rent vs. Buy Index, released today. The San Francisco-based company compares the costs of leasing and buying a two-bedroom home in the 50 biggest cities each quarter.
"Many former homeowners have flooded the rental market," Trulia Chief Executive Officer Pete Flint said in a statement. "Following the principles of supply and demand, renting has become relatively more expensive than buying in most markets."
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