Tag Archives: san francisco

Buying a Home is Cheaper than Renting in Most Places

Purchasing a home is cheaper than renting in 98 out of the 100 largest U.S. metropolitan areas, a survey by real estate site Trulia showed.

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That’s up from 97 regions last year, after New York, which encompasses the suburbs as well as the city’s five boroughs, flipped positions in favor of buyers. Renting is the better deal in San Francisco and Honolulu, where a tight supply of homes pushed values higher, Trulia said.

“Buying is cheaper than renting almost everywhere because prices have fallen so much since the housing bubble peaked,” said Jed Kolko, chief economist with the San Francisco company.

As home values have fallen more than 30 percent from their 2006 peak, the monthly cost to lease is roughly the same or more expensive than it is to buy in many U.S. markets. Monthly apartment rents averaged $1,263 in the fourth quarter, the highest since 2008, according to brokerage CBRE Group Inc.

Read more: http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2012/03/21/BUJH1NO5RB.DTL#ixzz1prrtOvCv

 
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