Better To Rent Or Buy? Check Out Trulia's City-By-City Index
Source: Wallet Pop | January 24, 2011
Trulia.com, a popular website that covers the housing market, has calculated the affordability of renting vs. buying in America's 50 largest cities. Miami and Las Vegas top the list as ideal places to buy instead of paying a landlord. New York City, with its median unit price of $1.3 million to $1.4 million, occupies the bottom of the index, meaning that it can make more sense to rent. "In any market it is still possible to reap benefits from owning a house, but in the more expensive markets it will take longer to come out ahead," said Hanna Edwards, an associate broker for M. Woods & Associates. Trulia tabulated the ratios for its rankings by weighing the total costs of renting a two-bedroom apartment, condo or townhome against buying a similar dwelling. Even in our post-recession hangover, conditions favor home ownership for the most part. It is more affordable to buy in 72% of the biggest metropolitan areas, Trulia's study determined. [Read this article]
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