Is it Time for Renters to Buy?

Is it Time for Renters to Buy?Crunching the number on renting versus buying, Jed Kolko makes the case for the latter:

Based on asking prices and rents during the summer of 2012, buying is now 45% cheaper than renting in the 100 largest U.S. metros, on average – that’s a savings of $771 a month. If you plan to stay in a home for 7 years, which is the average time that Americans traditionally live in a home before moving again, it is more affordable to buy than to rent in ALL of the 100 largest metros in the U.S.

He explains why, despite the pro-buying conditions, people are still renting:

The big obstacle holding back renters who want to buy is the down payment – even more than getting a mortgage.

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