Despite rising home prices and climbing mortgage rates, it’s still cheaper to buy a home than rent one in major cities across the country.
That’s according to the real estate web site Trulia which crunched the numbers in 100 metro areas.
Homebuyers who remain in their homes for seven years will save an average of 38 percent over renting. Last year, buying was 44 percent cheaper.
But as with all real estate, it’s all about location, location, location.
In Rustbelt cities, like Toledo and Detroit, the math favors buying. But on the coasts, in New York or Los Angeles, for example, it’s a closer call.
The rental market in the metro Denver area is the tightest it’s been in more than a decade.
From the Here & Now Contributors Network, Ben Markus of Colorado Public Radio reports.