Is it true that buying is better than renting in some U.S. Cities? According to the real estate website Trulia.com, only 12 percent of the 50 largest cities in July showed that renting was the better option than buying, including San Francisco, New York and Seattle. Meanwhile, buying was cheaper compared to renting in 74 percent of the largest cities and buying was less expensive but a little closer to buying cost in the remaining 14 percent.
Las Vegas, Nevada made it on the top of the list for the cheapest market to buy a home. Based on the latest home sales data shows that prices fell close to 60 percent from its peak in August 2006. Median annual rent in this area cost $9,700 and will just take you six years if you buy a two-bedroom, two-bathroom condo or town house.
Detroit came in second for the cities where buying is better than renting. It has a buy-rent ratio of seven times, same with Mesa, Arizona and Fresno California.
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