Under those conditions, the truth is that it is still cheaper to buy than rent in all of the 100 biggest U.S. metro areas, but that gap has dwindled recently as price growth outpaces rent growth. And in some markets small changes – a higher interest rate, less money down or a neighborhood’s characteristics – may make a rent vs. buy.
· In fact, buying is at least 20% cheaper than renting under our baseline assumptions in all of the 100 largest U.S. metros except Honolulu. The gap in the costs between renting and buying differs across metros largely because each market has its own typical prices and rents. In addition, property taxes and home-price appreciation differ locally.
Since five years ago, exactly half of the 100 largest metros saw the savings from buying a starter home decrease or stay the same." But even though renting with a roommate is significantly cheaper than buying in key metropolitan areas, finding yourself a roomie isn’t the universally cheaper option across the country.
In 17 of America's 33 largest metropolitan areas, owning a home is cheaper than renting.
· Looking at homes for sale and for rent on Trulia between June 1, 2012, and Aug. 31, 2012, this study compares the average cost of renting and owning for all homes on the market in a metro.
As millennials — one of the largest U.S. generations — reach prime homebuying age, they’re finding that the supply of entry-level houses hasn’t nearly kept pace with their numbers. That could force.
A quick rent vs. buy comparison could be done using the price-to-rent ratio. Price-to-rent ratio is calculated by dividing the home value by the annual rent amount. Generally speaking, if the price-to- rent ratio is less than 20, buying might be a better option. On the other hand, if the ratio is greater than 20, renting might be better.
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Click here to download the full Rent vs. Buy cost considerations for the 100 largest U.S. metros. HOA Fees Can Make a Big Difference in the Rent vs. Buy Decision If you are a homeowner association member, you need to factor in your HOA fee into your monthly housing costs.
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