In a recently published story by Inman News, research done by Trulia was analyzed to see which major U.S. Metropolitan areas had more affordable homes available for purchase than those available for rent.
Surprisingly, in 98 out of 100 U.S. cities, buying was a better decision than renting. Low home prices and low interest rates have been contributing to this trend for years, but the recent rise in rent prices in many cities has pushed the rent vs. buy index to new lows in many cities.
California and New York had some of the highest price-to-rent ratios in the country, while most of the lowest were in Midwest states. Seattle came in at #81 with a higher-than-average ratio, but still solidly in the category of a city where it's better to buy than rent. The two cities not on that list with the highest ratios were San Francisco and Honolulu.
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