Buying a Home Beats Renting in 100 Major Metros

In the 100 largest metro areas in the country, Trulia says buying makes more sense than renting even as home prices rise. That is because low mortgage rates have held down the costs of homeownership, with the San Francisco-based company noting that renting would be cheaper nationally only if mortgage rates jumped to 10.6 percent — a level not seen since 1989. However, the combination of rising prices and mortgage rates could make renting cheaper in some markets sooner. Trulia chief economist Jed Kolko notes, “Even in markets like San Francisco where home prices are high relative to paychecks, buying costs less than renting for people who stay seven years and itemize their deductions.” | Read More