Owning is cheaper than renting — unless
Owning is cheaper than renting — unless
According to a new report, owning a home is cheaper than renting in 58% of the US, but what about the other 42%? Despite accounting for less than half of the country, this portion contains most major cities. Homeownership continues to make sense in rural and suburban areas (Schuylkill County, we’re looking at you), where rising wages and low mortgage rates outweigh soaring housing prices. But, for densely populated regions with naturally higher property values, this means the monthly cost of renting is often lower than owning. (Hello, Miami.) In some towns, though, the difference in cost is so small that buying isn’t a complete dealbreaker. Weighing whether to own or just rent forever? Your location, location, location might make that choice for you.