Rent-vs.-own equation changing

Difference between cost of owning, renting shrinks

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The difference between median rent and the monthly mortgage payment on a median-priced home has shrunk from $777 a month to $221 in the past three years, according to an Associated Press analysis of 45 metro areas.

In areas like Cleveland, Atlanta, Indianapolis and St. Louis, the gap was less than $100 a month, AP reported.

The analysis, which relied on prices during the first quarter of the year, was conducted for AP by Marcus & Millichap Real Estate Investment Services.