Rising Rents Surpass Mortgage Payments
Home prices and mortgage rates have fallen so far that the monthly cost of owning a home is more affordable than at any point in the past 15 years and is less expensive than renting in a growing number of cities. However, lending standards are so tight at this time that many prospective buyers can’t take advantage of this opportunity.
The charts below show it is cheaper to buy a home in cities like Atlanta, Chicago, Detroit, Jacksonville, Las Vegas, Miami, Minneapolis, Orlando, Phoenix, and St. Louis. However, it’s still cheaper to rent in our hometown of Charlotte, North Carolina.
[source: Wall Street Journal]