Right now it is cheaper in the long run to buy a home than rent in San Diego County, but the cost benefits aren’t as high compared to much of the nation.
It is about 32 percent cheaper to buy than rent in San Diego, said Trulia’s Rent vs. Buy study released Thursday. Buyers in 85 of the nation’s largest metros, however, see more of a benefit, including Boston, Salt Lake City, New York, Atlanta, Philadelphia and Detroit.
While San Diego’s rents are high, the gap between home prices and leasing isn’t as extreme as in other cities. For instance, in West Palm Beach, Fla., the median home price is $241,509 and monthly rent is $1,950 — making buying a home there 53 percent cheaper than renting.
Consumers gain the least from buying in Honolulu, where the $629,606 median home price and $2,500 monthly rent make it only 17 percent cheaper to get a home of your own.
read more at: http://www.sandiegouniontribune.com/real-estate/sd-fi-rent-buy-20161020-story.html
disclaimer: for information and entertainment purposes only