The top five markets where buying provides the least advantage over renting are Honolulu, San Jose, CA, Lancaster, Penn., Sacramento, CA and San Francisco. In fact, six of the ten markets where buying has the least edge over renting are in CA, reports CNNMoney.
In general, there is more financial advantage to buying versus renting in the South. In Sarasota, Florida it is 55 percent less expensive to buy than rent. However, if mortgage rates begin to rise, renting may have a financial advantage over buying, as MHProNews understands.
Ralph McLaughlin, housing economist at Trulia, notes that a down payment may remain the biggest obstacle to homebuyers. He says, “Even though we are a few years out of the recession, it can still take quite a while to save up for a down payment, especially when rents are high.”
It should be noted that buying a manufactured home has a distinct advantage over renting when weighing finances. ##
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