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To Buy or Rent A Home-This Is The Question

You have asked them-family, friends, co-workers, acquaintances-maybe even perfect strangers- “should I buy or rent my next home?” Should you take the plunge and buy a home or continue renting?  Certainly a valid question, considering the housing market we are currently in.  I am a business development manager for a national title insurance company in Phoenix Arizona. I work with some of the best real estate professionals-real estate agents and loan officers- here in Phoenix.

As a business development manager I have lots of access to all kinds if information.  You would think that this information and the relationships I have with top producing real estate professionals would give me some insight into the age old question “buy or rent?” But it doesn’t, at the end of the day it’s usually one person’s opinion-take a few steps in any direction and I will hear an entirely different perspective.  What-to-do, what-to-do. Don’t you wish you could see some data? If you are a visual learner like me, maybe an illustration or two? That would make your decision easier wouldn’t it?   Well, Ask and you shall receive.

Based in San Francisco, Trulia.com, one of the fastest growing real estate websites for home buyers, sellers and renters,  just released its 1st quarter 2011 Rent vs Buy Index. Altogether now…….Hooray!! The index found that it is more affordable to buy a home than to rent a two-bedroom home in 72 percent of America’s 50 largest cities.  “Trulia calculated the price-to-rent ratio for the 50 largest U.S. cities using the median list price compared with the median rent on two-bedroom apartments, condominiums and townhomes listed on Trulia.com.”

The top cities to rent a home include:

  • New York, NY
  • Kansas City, MO
  • Seattle, WA
  • San Francisco, CA
  • Memphis, TN
  • Los Angeles, CA
  • Fort Worth, TX

    The top cities to buy a home include
  • Miami, FL
  • Las Vegas, NV
  • Arlington, TX
  • Mesa, AZ
  • Phoenix, AZ
  • Jacksonville, FL
  • Sacramento, CA

To calculate the rent vs buy index Trulia.com used a median list price of $140,201.37 and a median rent of $1,871.65.  Trulia.com also factors in some hidden costs associated with buying a home including utilities, yard care, pest control and security as well as hidden costs of renting including moving, parking and laundry.  The entire Index rankings for the 50 largest U.S. cities is below for your convenience as well as an illustration for the visual readers like myself

Trulia Rent vs Buy Index Quarter 1 2011

Trulia Rent vs Buy Q1 2011 Illustration

So there you go.  Is it a crystal ball?  Certainly not. But it should give you a little more information than you had before reading this post.  May your renting or owning days be good ones.
Cheers.

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Stephen

Hi I'm Stephen Garner, I'm just a guy in the title industry {in Phoenix} trying to change how real estate agents market themselves and their services. To that end, I teach my clients HOW TO leverage sales technologies like WordPress, Content, Video, Camtasia, Final Cut X, iMovie and indexable IDX solutions to convey value and help your ideal client find you online when they are most interested in learning about you and your services. I work for escrows. Hire me!

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