Wednesday, February 23, 2011
Did you know: ITS CHEAPER TO OWN THAN TO RENT
Buying a home makes more financial sense than renting in 72 percent of the largest U.S. cities, says home-search Web site Trulia, based on an index that compares the median sales price of homes with the median sales price of homes with the median rent of two-bedroom apartments, condos, and town homes. The top five metro areas favoring ownership are Miami; Las Vegas; Arlington, Texas; Mesa, Arizona; and Phoenix. "Since the start of the 'Great Recession.' many former home owners have flooded the rental market, "says Trulia CEO Pete Flint. "Following the principles of supply and demand, renting has become relatively more expensive than buying in most markets."