In spite of the news of renters flooding the market,

in many top US cities, it's still a homebuyers market. 

Trulia, the real estate marketing and research site, released their Summer 2011 Rent vs. Buy index which shows that it is still cheaper to buy a home in 74 percent of the 50 largest cities in the United States.

"While recent stock market volatility on top of the slow economic recovery makes homebuyers nervous, it has not destroyed the American dream of homeownership." said Ken Shuman, Head of Communications at Trulia.

Las Vegas and Detroit, as of August 2011, top the list of 50 cities where it is still less expensive to buy than to rent.  Many of these cities have been hard hit by foreclosures. But Miami, who topped the list in January 2011, has dropped to 20^th place as foreclosure freezes and foreign investors caused a mini-boom in the first quarter.

Denver moved from 22^nd place in January of this year, to 31^st place in the August report with a price to rent ratio of 14- anything 15 & under means it's still better to buy than rent.  Colorado Springs ranked 33^rd in August, with a ratio of 15, dropping from 31st place in January 2011.  The survey compares the median rent on 2 bedroom apartments, condominiums and townhomes to purchasing a 2 bedroom home.  The costs of homeownership, including closing and mortgage costs, taxes and insurance, were taken into consideration when factoring the results.

Read the full Trulia report.

photo credit: woodleywonderworks

Posted in Buyer Resources, GenX GenY, Headlines

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