Buying a home could be cheaper than renting

A recent survey shows it's cheaper to buy a home than rent in many of the largest metropolitan areas.

According to real estate site Trulia.com, in 98 of 100 of the largest cities, the monthly cost to rent is more expensive than a mortgage payment, mainly because home prices have fallen so much.

Purchasing was cheapest in Detroit, Oklahoma City, and Dayton, Ohio.

San Francisco and Honolulu are the two cities where renting is cheapest. A tight supply of homes pushed values up in those cities.

According to brokerage firm CBRE, the average monthly rent for an apartment was $1,263 in the fourth quarter, which is the highest since 2008.


Comments are posted from viewers like you and do not always reflect the views of this station.
powered by Disqus
WNDU - Channel 16 54516 State Road 933 South Bend, IN 46637 Front Desk: 574-284-3000 Newsroom: 574-284-3016 Email: newscenter16@wndu.com
Gray Television, Inc. - Copyright © 2002-2014 - Designed by Gray Digital Media - Powered by Clickability 143864786 - wndu.com/a?a=143864786