Ever wonder if it would be cheaper to buy rather than rent? Deciding on one or the other has a lot to do with the living situation that is best for you. Factors that are added into your decision can include job security and local market conditions. With each local market condition varying, in some cities it can be as little as 5% cheaper to buy rather than rent, while in other cities buyers can cut more than 50% of their costs by making a purchase. Let’s take a look at the top 10 cities where buying is considerably less expensive than renting.
- Detroit, MI – 66% Less Expensive
- Gary, IN – 61% Less Expensive
- Birmingham, AL – 58% Less Expensive
- Toledo, OH – 58% Less Expensive
- Kansas City, MO – 58% Less Expensive
- Cleveland, OH – 56% Less Expensive
- Dayton, OH – 56% Less Expensive
- Memphis, TN – 56% Less Expensive
- Grand Rapids, MI – 55% Less Expensive
- St. Louis, MO – 54% Less Expensive
What to play around with the numbers and find out what is a cheaper option for you? Visit our “Home Search” page where you can calculate loans and mortgages as well as search homes in your area.
Note: These calculations are according to a 4.5% 30 year fixed-rate mortgage with 20% down, for an owner at the 25% tax bracket.
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