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%|
|New Orleans, LA||$176,360||$1,400||-47.9%|
|Fort Lauderdale, FL||$226,528||$1,800||-47.0%|
|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.