It is cheaper to buy a home than to rent one in 39 of the nation’s 50 largest cities, according to a quarterly report released today by real estate search and marketing site Trulia.
Trulia’s rent vs. buy index compared the median list price with the median rent on two-bedroom apartments, condominiums and townhomes listed on Trulia.com as of April 1, 2011, in the 50 most populous cities in the U.S. While 72 percent of the cities favored buying in the previous quarter’s report, 78 percent favored buying in this latest report.
"With home prices nearing a double dip and more foreclosures expected to flood the housing market over the next two years, the decision between renting and buying a home across most of the country has clearly moved in favor of buying," said Ken Shuman, Trulia’s spokesperson, in a statement.
"As we head into the summer buying season, those looking to buy a home should be encouraged by improvements in the market and feel optimistic about their chances of finding an affordable home — much more so than in previous years."