By Erin Carlyle | Forbes
Buying a home is still cheaper than renting one in every single one of America’s 100 largest metropolitan areas, according to a report out today from San Francisco-based real estate data firm Trulia. On average for the nation, owning is still 38% cheaper than renting.
In Detroit, Mich., where it is a whopping 63% cheaper to buy than rent, the decision should be fairly easy. In Honolulu, Hawaii, where it is only 17% cheaper to buy than rent, according to Trulia’s calculations, the decision might be a bit harder. A key factor in whether the numbers add up: what type of mortgage buyers can get. With rents fairly high, economists have pointed out that first-time home buyers are possibly having a harder time saving up for that 20% down payment.
