Better to Rent or Buy? Check Out Trulia's City-by-City Index
Click on Trulia's 2011 Rent vs. Buy Index, an interactive map designed to help you make a smart choice whether to rent or buy your home. Trulia tabulated the ratios for its rankings by weighing the total costs of renting a two-bedroom apartment, condo or townhome against buying a similar dwelling.
Even in our post-recession hangover, conditions favor home ownership for the most part. It is more affordable to buy in 72% of the biggest metropolitan areas, Trulia's study determined.
"Although owning a home is relatively more affordable in most cities, market conditions have caused an interesting demographic swap between traditional renters and buyers," said Tara-Nicholle Nelson, consumer educator for Trulia. "For example, lifelong renters are seizing the opportunity to become homeowners while affordability is high. At the same time, a growing number of longtime homeowners are finding themselves tenants -- some by choice and others by necessity."