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Tuesday, October 12 2010 - By Becky Harris
Depending on where a person is moving to, buying may be cheaper than renting long-term
Moving to a new home may be more affordable than renting an apartment in many areas around the country. At the same time, homes in other markets are out of reach for many relocating families, making renting a smarter decision in those areas.
Trulia.com recently released its Rent vs. Buy Index, which charted America's 50 largest cities attempting to find whether buying a home or renting is less expensive in those locations. For instance, moving into a new home in Arlington, Texas, would be a much better option than renting, as that city scored a 7 in price to rent ratio. On the other end of the scale was New York City, which scored a 35, meaning renting an apartment is much more affordable than buying a home. Sometimes, large variations in score were seen in similar regional markets. Despite being just 20 miles away from Arlington, Fort Worth, Texas, was third on the list of cities where renting was preferable to buying, scoring a 30 on the index. Despite Fort Worth's ranking, Texas in general was seen as a state where moving into a home is especially affordable. Second quarter data from the Texas Association of Realtors found that the state's median home price sits at just under $150,000. More News |
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