Happy Columbus Day to you. For those of you who have the day off, congratulations. For those of us working, well, we have to work today!
Back in June, we covered the much-debated topic of "Rent vs. Buy", and Trulia has released their Rent vs. Buy Index. As Blake Ellis, a staff reporter with CNN Money notes in his article, "Where to buy and where to rent", Trulia is using the following rule to make the Rent vs. Buy determination: If the home price is 15 times higher than the annual rent for a similar property, it is better to rent.
In terms of which cities were mentioned, Ellis cites Trulia's index as follows:
Where to Buy a Home:
Miami, Detroit, Jacksonville, Arlington, Columbus (OH), and Nashville
Where to Rent a Home:
New York, Seattle, Fort Worth, Omaha, Kansas City, and San Diego.
How do you think Rent to Own fits into the picture? The funny thing is that it could apply to any of these cities, since it is often situation-specific instead of market-specific. Do you Agree? Disagree? Please let us know.
Do you have any additional recommendations for any other cities not mentioned here? Let us know, as there might be an buyer, renter, realtor, or investor reading this, and we all like to share and help each other.
Have a Great Day, and Happy Rent-to-Owning !!