Buying vs Renting: Location is Everything

By January 25, 2011Traditions Property Blog

Rarely in our nation has there been a more overwhelming percentage of places that it is better to buy than rent.  But, this year in 72% of the 50 largest cities it is better to buy than to rent.  Supply and demand has turned the tides and in most cities renting is more expensive than buying.  How does this effect homes for sale in Jacksonville FL?  Read more below.

Cities where it’s cheaper to buy than rent

MIAMI – Jan. 25, 2011 – It’s cheaper to buy a home rather than rent one in 72 percent of the 50 largest U.S. cities, according to Trulia’s rent vs. buy index, which compares the total cost of homeownership to the cost of renting.

“Since the start of the ‘Great Recession,’ many former homeowners have flooded the rental market,” Pete Flint, CEO of Trulia, said in a news release about the index. “Following the principles of supply and demand, renting has become relatively more expensive than buying in most markets.”

The index compares the median sales price of homes with the median rent on two bedroom apartments, condos, and townhomes that were listed on Trulia as of Jan. 10, 2011.

Here are the top 10 cities where it’s best to buy than rent, according to the index:

1. Miami
2. Las Vegas
3. Arlington, Texas
4. Mesa, Ariz.
5. Phoenix, Ariz.
6. Jacksonville, Fla.
7. Sacramento, Calif.
8. San Antonio, Texas
9. Fresno, Calif.
10. El Paso, Texas

Source: “Cheaper to buy than to rent in 72 percent of largest U.S. cities,” Inman News (Jan. 24, 2011)

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