It’s More Expensive to Own a Home than Rent in Most Metro Areas
We have seen stories like this before; is it cheaper to rent or own your home? A recent report from the National Association of Realtors says that in 101 out of 178 metro areas (56%), it is indeed more expensive to own a single-family existing home than to rent. Be sure to look at their entire nationwide data-set.
“In all metro areas, it costs more to own a home than to rent an apartment unit. Nationally, the sum of monthly mortgage, property taxes, and maintenance expense is 70% more than the average asking rent (ratio of 1.7).”
Click here to read the full report at the NAR’s Economist Outlook.
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