The weight of a decision to purchase or to rent can be heavy for many potential homebuyers – especially when some buyers feel as though they have no choice but to rent, depending on where they’re currently living.
Realtor.com recently compiled a rent vs buy analysis to determine which locations in America would be more favorable to homebuyers. In their research, they compared the monthly cost of buying a home for the median listing price against the median monthly rent of two-to-four-bedroom units in the area.
Their study found that buying a home is the same or more affordable than renting in 15 of the 50 largest metros, up from 13 markets a year ago.
The top 10 markets that favor buying are as follows:
- Cleveland, OH
- Chicago-Naperville-Elgin, IL-IN-WI
- Pittsburg, PA
- Riverside-San Bernardino-Ontario, CA
- Miami-For Lauderdale-West Palm Beach, FL
- New Orleans-Metarie, LA
- Baltimore-Columbia-Townson, MD
- Tampa-St. Petersburg-Clearwater, FL
- Hartfor-West Hartford-East Hartfort, CT
- Detroit-Warren-Dearborn, MI
The top 5 markets that favor renting are as follows:
- San Jose-Sunnyvale-Santa Clara, CA
- Austin-Round Rock, TX
- Sacramento-Roseville-Arden-Arcade, CA
- Seattle-Tacoma-Bellevue, WA
- San Francisco-Oakland-Hayward, CA
For a more thorough analysis of Realtor.com’s findings, check out their article, here.