High rent and high home affordability in many markets makes the rent versus buy question an easier one to ponder. Take a look below…Trulia analyzed the top 50 cities in the U.S. by population using average list price compared with average rent, taking into consideration the total costs of homeownership and total cost of renting.
A price to rent ratio of 1-15 means it is much less expensive to own than to rent a home in this city.
| Rank | City | State |
Price/rent ratio 1-15 = much cheaper to own than rent |
| 1 | Arlington | TX | 7 |
| 2 | Frenso | CA | 8 |
| 3 | Miami | FL | 9 |
| 4 | Mesa | AZ | 9 |
| 5 | Phoenix | AZ | 10 |
| 6 | Jacksonville | FL | 11 |
| 7 | Detroit | MI | 11 |
| 8 | Columbus | OH | 12 |
| 9 | El Paso | TX | 13 |
| 10 | Nashville | TN | 14 |
| 11 | Baltimore | MD | 14 |
| 12 | Tucson | AZ | 14 |
| 13 | Long Beach | CA | 14 |
| 14 | Raleigh | NC | 15 |
| 15 | Houston | TX | 15 |
| 16 | Albuquerque | NM | 15 |
| 17 | Milwaukee | WI | 15 |
| 18 | Indianapolis | IN | 15 |
Is now your time to begin looking for a house? Does the information above help you with your decision? Worried there is no first time home buyer credit anymore and feel you missed out? The low interest rates combined with lower home prices create a benefit worth thousands and thousands of dollars over the course of a loan.
There’s more to homeownership than finances. It is a place you can call your own. If First Weber can help with your Wisconsin real estate purchase, please contact us. You can find out about the home buying process at firstweber.com For additional rent versus buy information, please see this previous rent versus buy in Wisconsin post.
Thanks for visiting the First Weber Wisconsin real estate blog.
photo credit http://www.flickr.com/photos/wonderfullycomplex/4300115911/