As the real estate market sees dramatic price increases in much of California and the Northwest, more measures favor renting compared to buying.
"An analysis by The New York Times finds that in the country’s most expensive places, including New York, the San Francisco Bay Area and Los Angeles, buying a home again looks like a perilous investment, based on the relationship between their prices and rents or incomes," reports Neil Irwin.
Moreover, "in a longer list of areas, including Boston, Miami and Washington, prices have risen enough that buying is no longer the bargain it looked to be a few years ago."
Per the analysis of the New York Times online calculator that gives prospective renters and buyers data with which to make decisions, the experience is split depending on location around the country. For instance, "[in] the once-frothy markets of Phoenix, Las Vegas and Orlando, Fla., for example, the typical home price is still 30 to 40 percent below 2006 levels, even more if one accounts for inflation." However, "across much of California and the Northeast, prices are now high enough that the costs of owning a home – property taxes, repairs, fees to real-estate agents and mortgage interest – may outweigh the financial benefits, including the tax break."
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