As rents continue to rise, owning a home is making more financial sense, according to recent surveys that show it’s cheaper to own a house than rent in the majority of metro areas nationwide.
The National Association of REALTORS® estimates that rents will rise 4 percent, on average, this year and another 4 percent in 2013. As the cost of renting increases, ownership — with record low mortgage rates and falling home values — may be more attractive.
Forbes.com culled housing data from Trulia of the 100 largest metro areas, analyzing the ratio of asking prices if for-sale homes verses asking prices for rentals. The following metro areas topped the list where home buying outpaces renting the most:
- Detroit
- Oklahoma City, Okla.
- Dayton, Ohio
- Warren-Troy-Farmington Hills, Mich.
- Toledo, Ohio
- Grand Rapids, Mich.
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