In the midst of the housing crash demand for rental properties rose significantly, and now according to CNNmoney.com renting is more expensive than buying in 74% of the country’s 50 largest cities. Across the nation low housing costs and very low interest rates have played a major role in tipping the scale towards buying, however in a few cities including New York, San Francisco, and Seattle, renting is still the more affordable choice.
Although the cost of purchasing a home may be cheaper in most areas of the country, multiple factors should be taken into consideration when deciding between renting or buying. How long you plan to stay, how much cash you have on hand for closing, and whether or not you can cover all homeownership costs should all be given ample thought before making a decision.
To read the full article, visit CNNMoney.com.