Today Trulia announced America’s Top 10 Cities to Buy vs. Rent and the Top 10 Cities to Rent vs Buy. Trulia calculated the price-to-rent ratio using the average list price compared with average rent on 2 bedroom apartments, condos and townhomes listed on Trulia.com. To create the list, Trulia analyzed the largest 50 cities in America, by population.
Top 10 Cities to Buy vs. Rent
|5.||San Antonio, Texas||8|
|9.||El Paso, Texas||10|
|10.||Las Vegas, Nevada||11|
“At the peak of the real estate bubble, cities like Miami, Phoenix and Las Vegas were not affordable for many. Now the opposite is true,” said Pete Flint, co-founder and CEO of Trulia. “Home sellers in these hard hit areas are forced to lower their prices to compete with all the foreclosures on the market. As a result , these unattainable markets are so affordable it makes better financial sense to buy than rent.”
Top 10 Cities to Rent vs. Buy
|1.||New York, New York||33|
|5.||San Francisco, California||22|
|6.||Oklahoma City, Oklahoma||21|
|7.||Kansas City, Missouri||20|
|8.||San Diego, California||20|
“It is not a surprise to see cities like New York and San Francisco on the ‘Rent’ cities but I was surprised to see areas like Omaha, Oklahoma City and Kansas City on our rental list, “said Flint “We’re not suggesting that it’s unwise to buy in these areas, though – just that it’s significantly more expensive than renting. In many of these cities, even though home buying is much more costly thanrenting, prices are still much lower than they have been in a long, long time.”
To see the Top 50 City Rent v Buy Index, please click here to download.
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