Top 10 Cities – Do You Buy or Rent?

Top 10 Cities – Do You Buy or Rent?

Posted on 14. Jul, 2011 by in News

We have all seen the price of homes drop and the cost to rents rise. So what is the better deal: buy or rent? Eli Beracha of East Carolina University and Ken Johnson of Florida International University reviewed the economics of 23 cities and came up with the top 10 results.

For example, in Dallas, TX they recommend that people rent because you can still get a great rental property for a very reasonable price and most importantly, the home prices have been very slow to appreciate. In part, this may be due to the fact that there is a lot of land in the Dallas area and little to restrict builders from developing this land. These projects affect the values of the real estate in the area.

In contrast, Eli and Ken recommend you buy a home in Seattle, WA. The Pacific Northwest has been the hub of economic growth with both Amazon.com and Microsoft being headquartered in Seattle. Housing prices have lowered making it affordable to break into this market and real estate will most likely be a good investment over time.

Top 10 Cities Rated:
Honolulu – Rent
Pittsburgh – Buy
Boston – Rent
Chicago – Buy
New York – Rent
Cincinnati – Buy
Houston – Rent
Milwaukee – Buy

Source: http://money.cnn.com/galleries/2011/real_estate/1105/gallery.rent_or_buy/index.html

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