9 Cities Where Renting Makes No Sense
With home prices soaring
and all the news that the housing market is on a definitive recovery track, it begs the question: Is it still cheaper to buy? Home values
nosedived around the country after the housing crash, and it became so much more economically efficient to buy at the lows than rent. And even though home prices are rebounding, it still makes more sense to buy than rent in many U.S. metros
But there's nowhere else in the country where it makes less sense to rent than buy than in these nine cities. 24/7 Wall St.
analyzed data from Trulia
to determine the areas where buying is cheapest compared to renting. Most of the towns are in the Rust Belt where economic instability has persisted, which has kept home prices low. Factors considered in coming up with the list include cost of moving, rent appreciation, inflation and mortgage costs of 20% down payment on a 30-year fixed mortgage at a rate equal to the national average of 3.5%. 24/7 also looked at unemployment figures and home price changes in the areas.
See more on 24/7 Wall St.:
10 Cities That Beat the Recession
America's Most Content and Miserable Cities
The Seven States Running Out of Water
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