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…