Cheaper To Own Than Rent

Buying a home makes more financial sense than renting in 72% of the largest US cities, according to Trulia, based on an index that compares the median sales price of homes with the median rent on two-bedroom apartments, condos and townhomes. The top five major metro areas favoring home ownership instead of renting are: Miami FL, Las Vegas NV, Arlington TX, Mesa AZ and Phoenix AZ. Since the start of this recession, many former homeowners have flooded the rental market. Following the principles of supply and demand, renting has become relatively more expensive than buying in most metropolitan markets.