Buying beats renting in all 100 largest U.S. metros

Trulia study finds advantage is smallest in Honolulu, San Francisco, NY

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Despite recent price increases in many markets, it’s now cheaper to own a home than rent in all 100 of the largest U.S. metro areas, thanks to climbing rents and low mortgage rates and tax breaks for homeowners, according to a rent-vs.-buy report released today by real estate search site Trulia.

Homeownership is most affordable in Detroit, the report found, where the monthly cost of owning a home ($349) was 70 percent cheaper than renting one ($1,149). Gary, Ind., and Oklahoma City, Okla., both with monthly homeownership costs that were 63 percent cheaper than renting, were No. 2 and No. 3 in the report, respectively, for U.S. homeownership affordability.