According to the chief economist for Trulia, Jed Kolko, buying a home in Austin, Tx is 30% cheaper than renting. In their latest rent vs buy report they show how the increase of home prices and mortgage rates have narrowed the gap, however overall it is still cheaper to buy.
- Nationally buying is 38% cheaper than renting.
- In Honolulu buying is only 5% cheaper.
- In Detroit buying is 66% cheaper than renting
- In Austin, Tx buying is 30% cheaper
The statistics are different in each market so if you are interested you can Read About Other Cities Where Buying A home is cheaper than renting
As long as mortgage rates and home prices remain low buying will continue to be the cheaper alternative.
