A study by Trulia.com shows that, in 100 of the largest metropolitan areas, buying a home is cheaper than renting. Averaging all areas, buying a home is nearly 35 percent cheaper than renting.
In some areas, there is a dramatic difference. In New Orleans, buying is 52 percent cheaper than renting.
The study took into consideration down payment, taxes, insurance, and utilities. It assumed that the buyer would live in the home for seven years.
Rick Good spent ten years in the newspaper business, including with The News & Observer (Raleigh, NC) and The Greenville News (Greenville, SC). He co-wrote, with Melinda Coleman, Rutledge to Riley: Governors of South Carolina, 1776–Present (Published by The Greenville News), and is the author of Mind Games Trivia #1 (Amazon). He has recently spent 15 years creating original trivia content through Sounds Good Mobile Entertainment and continues that with his new company, SGME Software. He edits The Smart Reader’s money, real estate, and business coverage.