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St Louis Makes Top 10 List For Places Where It’s Cheaper to Buy Then Rent

Even with rising home prices and interest rates that are following suit, it’s cheaper to buy then rent both on a national level as well as in all of the 100 largest metro areas, according to a report just released by Trulia. According to the report, nationally it is 38% cheaper to buy than rent and in St Louis, it is 54% cheaper to buy then rent putting St. Louis at the #10 spot on “Where Buying a Home is a No-Brainer” list.  See below for the complete list of the top 10 no-brainer to buy cities as well as the 10 cities where buying a home would be a “risky proposition”.

 

Where Buying a Home is a No-Brainer

# U.S. Metro

Cost of Buying vs. Renting (%),

Winter 2014

Cost of Buying vs. Renting (%),

Winter 2013

Mortgage Rate Tipping Point When Renting Becomes Cheaper Than Buying, Winter 2014

1 Detroit, MI

-66%

-70%

33.8%

2 Gary, IN

-61%

-63%

21.8%

3 Birmingham, AL

-58%

-59%

18.4%

4 Toledo, OH

-58%

-62%

22.6%

5 Kansas City, MO-KS

-58%

-60%

20.1%

6 Cleveland, OH

-56%

-63%

20.9%

7 Dayton, OH

-56%

-63%

20.9%

8 Memphis, TN-MS-AR

-56%

-62%

19.1%

9 Grand Rapids, MI

-55%

-58%

19.3%

10 St. Louis, MO-IL

-54%

-58%

17.7%

Source: Trulia

Where Buying a Home Could Be the Riskiest Proposition

# U.S. Metro

Cost of Buying vs. Renting (%), Winter 2014, assuming worst home-price scenario

Annual appreciation in worst home-price scenario

1 San Jose, CA

79%

-2.8%

2 Oakland, CA

75%

-5.8%

3 Orange County, CA

71%

-4.6%

4 San Francisco, CA

71%

-2.5%

5 Honolulu, HI

67%

-2.5%

6 Ventura County, CA

67%

-5.9%

7 Los Angeles, CA

63%

-4.8%

8 Sacramento, CA

63%

-8.2%

9 Las Vegas, NV

53%

-11.1%

10 San Diego, CA

53%

-5.3%

 

Source: Trulia

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