Renting Is Still Cheaper Than Buying, But Not In All Cities

The choice between renting and buying isn’t obvious in some American cities. While most cities have clear-cut price advantages to either, some are in a sticky in-between where the benefits of renting or buying may come down to personal circumstances, according to a new study from Home Bay. Home Bay analyzed the 50 most-populous metros based on their price-to-rent ratios. A ratio of 15 or lower means it’s better to buy, while 21 or higher means it’s better to rent. The national average is 18. Pittsburgh, PA; New Orleans, LA; Chicago, IL; and Cleveland, OH, are the most affordable cities to buy a home in compared to their average rents, all with a ratio of 12. For example, residents can…

American Buyers Are Flocking To Regions With High Climate Risk For Homes

Americans are paying top dollar to live in areas prone to devastating environmental disasters, with home prices soaring in these locations. A new report from real estate publication Home Bay found that home prices are increasing at a higher rate than the national median in the areas most impacted by climate change. Home sales prices are up 167% in metros within states that have had at least 50 Federal Emergency Management Agency (FEMA) disaster declarations since 2012. By comparison, the national median increase is only 113%. FEMA ranks California, Texas, Florida, Louisiana, and North Carolina as the states with the highest risk for homeowners– that is, the states that are most likely to have disasters that threaten buildings, people, and…