Buying Home Beats Renting After Just 3 Years in Much of US

Considering such factors as purchase price-to-rent ratio, tax considerations, utility costs, appreciation, and maintenance, Zillow.com has determined that homeownership is more affordable than renting after just three years in most of the 7,500 U.S. cities analyzed. The financial benefits of owning outweigh those of renting even sooner in markets that saw drastic price declines during the recession — like Miami and Tampa, where the “breakeven horizon” is 1.6 years. In areas where home values held steady, the advantages of ownership may not be apparent until much later. | Read More