An article by Forbes Magazine broke down the top US cities to rent or buy a home. When it came to which cities offered a better deal for consumers to "buy" instead of renting, Houston made the list of the Top 6 US Cities to Buy A Home. The other cities included: Miami, Jacksonville, Phoenix, Atlanta, and Nashville. This data was compiled by Forbes with the help of Trulia and Zillow.com.
Forbes reports that Houston's price-to-rent ratio is 9 to 15 times a consumer’s annual rent, meaning that buying a home in Houston means paying between 9 and 15 times what you would pay to rent that home for a year. In contrast, in a city like San Francisco, which was named (one of the best cities to rent rather than buy), the price of purchasing a home is 20 to 30 times what it costs to rent that same home for a year.
Forbes Magazine says that in many US cities, nervous buyers are crowding into the "rental market", driving rent prices well above market value. Many consumers that I have spoken to personally on this subject say that people choose to rent for a variety of reasons. Some say they are more familiar with renting and still nervous about the full cost of home ownership due to the scary media reports about foreclosures. Others like renting because of the flexibility it seems to provide. However, when I ask these same consumers what are the benefits of home ownership, many don’t have a clue other than gaining equity and the “feeling” of owning it. So if you live in Houston and were on the fence, please <click this link> to educate yourself and get ready to take the plunge.
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