Great news for the housing market!
The Trulia Rent vs. Buy Index reports it is now more expensive to rent than to buy a home in 72% of major metropolitan areas across the US!
The home ownership line is finally crossing over the rental line due to rising demand for rentals and falling home prices combined with low interest rates.
Pete Flint, chief executive and co-founder of Trulia says: “Since the start of the Great Recession, many former homeowners have flooded the rental market… Following the principles of supply and demand, renting has become relatively more expensive than buying in most markets.”
The most affordable markets are Las Vegas and Miami where the price-to-rent ration is 6 and where the foreclosure rates have topped the charts
Homeownership was also cheaper in the metro areas of San Francisco, Seattle, New York and Kansas City. On the other hand, Oakland, Sacramento, Los Angeles, Miami and Phoenix are experiencing high rates of unemployment or foreclosures and are still more affordable to renters.
Bring on the buyers! Check out my listings at www.michaelcarusorealestate.com
And thank you for making me Your Orange County Real Estate Specialist!
Michael Caruso, Broker ABR ABRM CLHMS CRB CRS GRI GREEN
Past President, Orange County Assoc. of Realtors