After reading an article by Trulia this past Jan. It did a study and concluded that it is cheaper to buy than rent in 50 of the largest states. Since the start of the recession many former homeowners have flooded the rental market. The principles of supply and demand have made renting more expensive than buying. However, the challenge is of course the intense scrutiny lenders are on the qualified buyers. They look at the income, the money in the bank, existing debt and Fico score and credit history. Trulia says Los Angeles is still cheaper to rent than buy, but it is always best to own.
Top 10 cities to buy vs. renting:
Miami
Las Vegas
Arlington Texas
Mesa, Ariz
Phoenix, Ariz
Jacksonville, Flo
Sacramento, Ca.
San Antonio, Texas
Fresno, Calif
El Paso, Texas
Something to think about!
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