The answer to the question on if a person should rent or buy changes as the market changes. In 2007 when prices were down and it was a tougher market to sell in, buying was a great option as it might prove less expensive than renting. Now, as prices of homes are rising, it depends on where you live. Some urban markets such as San Fransisco have seen bidding wars, but in many cities it remains cheaper, in the long run, to buy. In Detroit it is 65% cheaper to buy rather than rent, in Cleavland it is 54% cheaper and in West Palm Beach it's 52% cheaper. Even NYC, Boston, and Washington DC show to be at least 20% cheaper to buy. In the end, though, it depends on how long you plan to stay.
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