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Rent Prices are Spiking, Now may be your Best chance to BUY!

July 21st, 2017

There are a few states (CA, NV, HI) where owning may actually hurt your wallet, but the majority of states right now offer better monthly payments for mortgages than for rent. According to a study published on the Trulia Blog earlier this year, (March 2017) the following cities could really save you some sweet cash, when you buy instead of rent.

 
U.S. Metro Median Price Median Rent % Cheaper to Buy Than Rent
Baton Rouge, LA $171,238 $1,400 -50.1%
Philadelphia, PA $148,712 $1,275 -48.3%
New Orleans, LA $176,360 $1,400 -47.9%
Columbia, SC $129,134 $1,150 -47.8%
Fort Lauderdale, FL $226,528 $1,800 -47.0%
Charleston, SC $226,158 $1,600 -47.0%
Greenville, SC $153,993 $1,250 -46.3%
Detroit, MI $70,031 $850 -46.2%
Birmingham, AL $130,430 $1,100 -45.8%
West Palm Beach, FL $253,719 $1,950 -45.7%
 

Note: Among 100 largest U.S. metros. A negative percentage means homeownership is cheaper than renting. For example, it’s 50.1% cheaper to buy a home than to rent in Baton Rouge.

Unless you plan to move to Detroit, you might as well throw out your winter coat and get to packing.



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    Disclosure © 2017 United Security Financial Corp. All Rights Reserved. We are not affiliated with any government agencies, including the VA, FHA, or the HUD. United Security Financial Corp, NMLS #94915, a lender approved by Fannie Mae, HUD, and VA to originate conventional, FHA, and VA mortgages. We are not the Department of Veterans Affairs or any other government agency. The Department of Veterans Affairs does not generally make mortgage loans to borrowers. United Security Financial Corp. is a direct lender originating home loans across the United States. Our primary lending offices are located at 930 E 6600 S, Murray, UT 84121.