Buying is more affordable than renting in 98 out of 100 largest U.S. metro areas - even in NYC,...


Buying is more affordable than renting in 98 out of 100 largest U.S. metro areas - even in NYC, LA and Boston, according to real estate company Trulia's latest rent vs. buy index. Homeowners are choosing, or being forced, to rent rather than buy, and the influx of demand squeezes the rental supply, pushing monthly rents higher.
Comments (8)
  • Tony Petroski
    , contributor
    Comments (6356) | Send Message
     
    This is true as the resale market has badly overcorrected to the downside. In my neck of the woods, renting is twice as costly as buying--a state of affairs that's bullish for the sale of homes. What's holding things up is that while the mortgage rates are at historic lows, it's difficult to qualify for a mortgage and so in the meantime, potential buyers remain renters.

     

    The market will clear on its own provided the government stops "doing something."
    21 Mar 2012, 09:08 AM Reply Like
  • youngman442002
    , contributor
    Comments (5123) | Send Message
     
    and qualify they must...20% down on their homes and they won´t walk away again...nor default..and will take care of it...because they have skin in the game....a much better way of running an economy than the free money of the last decade.....it will take time...but time well spent
    21 Mar 2012, 09:14 AM Reply Like
  • OptionManiac
    , contributor
    Comments (3498) | Send Message
     
    Agreed, youngman. I know a few "youngsters" who, with their handy fathers, are picking up some nice "cheap" properties and actually making an investment out of them - and they realize this investment will not give them instant returns.
    21 Mar 2012, 09:45 AM Reply Like
  • Dave Dunbar
    , contributor
    Comments (53) | Send Message
     
    Anybody who believes that owning a home is cheaper than renting has never owned a home! Even if a house is only a few years old, it is just a huge money pit! The monthly mortgage is the easy part. Where it gets expensive is when you have to continuosly cough up big wads of money to cover all the unexpected expenses such as extra yard work, plumbing and heating issues, roof replacement, rot, mold, mildew, weather damage,pest control, termites and insect problems, etc. Funny how nobody mentions that when they compare the cost of owneship versus renting. I'll take a rental any day!
    21 Mar 2012, 12:01 PM Reply Like
  • NIRP
    , contributor
    Comments (420) | Send Message
     
    You are correct Dave. Been in that business for 20 years. Trying to sell my last 3 houses then moving in with my girlfriend.
    21 Mar 2012, 01:24 PM Reply Like
  • OptionManiac
    , contributor
    Comments (3498) | Send Message
     
    Sounds like you weren't too careful when you bought. Pre-sale home inspection imperative.
    21 Mar 2012, 09:19 PM Reply Like
  • levin70
    , contributor
    Comments (1057) | Send Message
     
    The guys at trulia were also the most adamant back in 2006 that there was no housing bubble. the website is a portal for REA shills. I probably will never trust anything from those associated with Trulia ever again. Sorry.
    21 Mar 2012, 12:47 PM Reply Like
  • The_Hammer
    , contributor
    Comments (5047) | Send Message
     
    A bunch of bs. In selected markets will agree it is better to buy, BUT in most NOT!

     

    We have artificially low rates and FHA is writing tons of 3% down ponzi loans. It is a Freaken scam still. In my area homes are not being foreclosed on. Based on my observations the upper middle to high end homes, More expensive homes in a region, are less likely to be foreclosed on cuz the losses are much bigger. 2-3-4 years living for free has become a gravy train for millions of homedebtors blaming someone else for their stupid financial decisions. The fraud banks are avoiding the pain and are trying to prop up house prices.
    Bought up a few investment properties in '93-'94 when markets were not so freaken manipulated and sold most mainly '04....not bought any yet. not that have not tried but the system seems more shady than ever before. After s&l mess, Banks would send list of homes if you are on mailing lists and deal directly with them and they were motivated to move properties but Today the RE hores are involved more and more.....have a hatred for that group what they have done to families and this country. Back in '06 this unethical organization was saying it was a "good time to BUY OR SELL" LOL! %%$#@ insane.
    21 Mar 2012, 03:19 PM Reply Like
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