The cost of renting has outpaced the cost of buying a home in many of the nation's 100 largest metros, according to a recent study by Trulia. Here are some of the top-line takeaways of the report, which can be found at http://ME1214trulia.
20%
The percentage of down payment that makes buying cheaper than renting in 94 of 100 metros.
The percentage of down payment that makes buying cheaper than renting in 94 of 100 metros.
The biggest savings from buying come in the Midwest and South.
19%
The average nationwide saving from buying instead of renting.
The average nationwide saving from buying instead of renting.
64.4%
The homeownership rate in Q3 2014, the lowest since 1995.
The homeownership rate in Q3 2014, the lowest since 1995.
A standard FHA loan makes buying cheaper than renting in 75 of 100 metros.
21%
The highest savings from renting, in San Jose, Calif.
The highest savings from renting, in San Jose, Calif.
14%
The cost increase of buying instead of renting in L.A. and N.Y.C.
The cost increase of buying instead of renting in L.A. and N.Y.C.
51%
The highest savings from buying, in Detroit.
The highest savings from buying, in Detroit.
In 40 metros, it's more expensive to buy than rent if the resident stays in the home only three years.
The largest savings from buying, nationwide, are seen with a 15-year mortgage - even more than from paying all cash.
