Check out this article by Savvy Sugar to find out whether it makes more sense for you to buy or rent.
Good news for prospective home buyers: The housing market crash caused an increase in demand for rentals and a drop in housing prices, which makes it cheaper now to buy rather than rent in many U.S. cities, according to data compiled by Trulia, a residential real estate website. In fact, Trulia found it was cheaper to buy than rent in 74% of the 50 biggest cities in July.
Here are five cities where it is more affordable to rent:
- New York, NY
- Fort Worth, TX
- Omaha, NE
- Seattle, WA
- San Francisco, CA
And five cities where it is more affordable to buy:
- Las Vegas, NV
- Detroit, MI
- Fresno, CA
- Mesa, AZ
- Arlington, TX
Of course, it only makes sense to buy if you're looking to stay in a place for longer than seven years, if you can get a loan with a good rate, and if you have enough cash on hand to pay for it as well as a savings cushion if an emergency pops up.
To read this post in its original form, head over to Savvy Sugar.