To Buy or Not to Buy? That is the Question

In 15 of the 50 largest metro areas across the country, buying is still a better option than renting. The relative price of buying a home hasn’t changed much, even with the historic growth in home prices over the last year. This is due to incredibly low interest rates. Realtor.com looked at the median listing price in each of the 50 largest metro areas, compared it to the monthly cost of renting in those same areas, and then compared those numbers to local incomes. Cities in the South and Midwest offer cheaper homes and a lower cost of living. Southeast Michigan is in the Top 10 of metro areas in which buying makes financial sense vs. renting.