Can You Buy Cheaper Than You Can Rent?

Imagine buying a house for just $6,900. And all this house needed was a paint job, new carpets and a new water heater. Someone did find that great deal in Detroit, but don't expect to be that lucky elsewhere.

But, you can easily find homes that will cost you about $300 in principal and interest. Is that lower than your rent? They exist in many of the areas hard-hit by foreclosures and some of them are great places to live in - Florida, Arizona, and Nevada.