10 U.S. Cities Where It’s Cheaper To Buy Than Rent (PHOTOS)
If you’re looking for a quick and easy calculation about whether you should finally buy your dream home, you’ll likely want to first check out your area’s price-to-rent ratio.
Trulia, the online real estate data provider, recently took a look at this hand statistic in the 50 largest U.S. cities by population. By comparing the average purchase price of a 2-bedroom home –including mortgage fees and maintenance expenses — with the average rental price for 2-bedroom apartments, condos, and townhouses, Trulia calculated the price-to-rent ratio to determine whether it is better to rent or buy in a particular city.
Cities with low price-to-rent ratios (under 15) indicate that is cheaper to own a home than rent.