According to a recent Trulia analysis, buying a house is more economical than the arrangement of a rental contract over a 7 year period in the nation’s 100 largest cities over the long term.
When Trulia gathered information on properties for purchasing and properties for rental in their website during June 1, 2012 and August 31, 2012, it took into consideration factors including transaction charges, taxation and other potential expenses. In the research, it is assumed that the real estate object is sold after 7 years and covers closing fees as well as upkeep and insurance, as well as real estate taxes and other expenses. The total costs for the rental is inclusing a guarantee deposit pledged, and furthermore, it is including the typical renters insurance for the duration of the lease.
According to Trulia, buying a home is 45 percent less expensive than renting throughout the country, with affordability being greatest in Detroit and lowest in Honolulu and San Francisco.