HUFFINGTON POST: Renting used to be cheaper than buying. But in many U.S. cities that’s no longer the case, as rents continue to climb and home prices stagnate.
While asking prices for homes declined 0.7% over the past 12 months through March, rents rose 5%, according to a report released Thursday by real estate listing site Trulia…
“Buying a home is more affordable than renting now in almost every part of the United States,” said Jed Kolko, chief economist for Trulia… (more)
EDITOR: Simple arithmetic tells us that if the cost of renting goes up while housing goes down, renting becomes relatively more expensive. But that doesn’t mean that buying is “more affordable” because there are so many other factors to be taken into consideration. Not the least is the difficulty today of selling a home which locks a family into remaining in one location rather than seizing job opportunities elsewhere.
