This is an interesting interactive map showing whether it is better to rent or buy homes. The data compares average monthly rent to average monthly mortgages. Does the data surprise you? Or is it what you would expect? It was not too surprising to me.
http://www.marketwatch.com/story/rent-or-buy-this-map-has-the-answer-2014-04-18
I was not surprised by the poll. Many of the areas that had high renting results where tourist areas that are known for traveling to but not really staying there. The attractiveness of the area seem to be a factor in whether to buy or rent a house.
ReplyDeleteI was not surprised by this poll either. The price of buying a house seems to be higher in the big cities where the value of real estate is really high. It looks like a simple demand and supply model. Places where most of the people would like to live are expensive.
ReplyDeleteI feel the same way like Utsav and Shaquindra. Owning a piece of land in a big city and use it for rent can be extremely advantageous. The parents of my friend in Vietnam just rent their house on a main street to businesses and basically make enough money to compensate for not working.
ReplyDeletefrankly the figure for san francisco do not surprise me at all but new york does to a certain extent in terms of home mortgage. perhaps because i was expecting rent and mortgage rates to be about the same.
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