In Palm Beach County, the rent-or-buy decision is a no-brainer. It’s 41 percent cheaper to buy than to rent, according to a study released Wednesday by Trulia.
Palm Beach County boasts one of the nation’s biggest discounts for buying vs. renting, ranking 12th among the 100 largest metro areas. Trulia bases its calculation on Palm Beach County’s median home price of $231,491 and median rent of $1,800 as of last month.
Houston, with a 46 percent discount, is the best buyer’s market. Fort Lauderdale ranks No. 4, with a 44 percent spread. Miami is No. 5 at 43 percent.
Honolulu and San Jose, California, are the markets where it makes the most sense to rent. In Honolulu, the typical home costs more than $600,000, but typical rent is only $2,500.
Source: Palm Beach Post
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