Stop throwing your money away on rent

Time to ring up your broker: In 74 percent of the country it’s cheaper to buy than rent, according to Trulia.com.

This might just be the time to purchase a new home.

Recent data from real estate website Trulia.com found that buying is cheaper than renting in 74 percent of the nation’s major cities.

In locations such as Las Vegas, Philadelphia and Detroit — where foreclosures have been rampant, unemployment is high and prices have dropped considerably — purchasing a home can mean lower monthly mortgage payments than rents, according to the real estate site.

 “With interest rates where they are and property values really on the very, very low side, it’s a good opportunity to buy,” says Joanne Davidow, a vice president at Prudential Fox & Roach in Philadelphia. “A lot of sellers have gotten very real as far as prices are concerned.”

The survey compared rents for two-bedroom units to the selling price of two-bedroom properties. In many communities, rents are high and vacancy rates are low because people are squeamish about making a large purchase during a down economy. Many homeowners are opting to bank their money and rent instead of purchasing a new place.

“Prospective homebuyers no longer see homes as a quick moneymaking investment,” says Pete Flint, CEO and co-founder of Trulia. “They are proceeding with more caution, asking themselves if they are planning to live in the home for several years, have enough money saved up to make a down payment and can pay a monthly mortgage.”

NYC remains pricey

Owning a home may be cheaper in most U.S. cities, but Boston and New York are among the exceptions. They’re part of the approximately 12 percent of the nation’s cities where renting is still easier on the budget than buying.

Newlyweds Erin and Brian Fleming were hoping to move out of their Boston rental and purchase their first home, but realized quickly they couldn’t afford it.

 “I think to own the place we rent would cost at least $600,000, which we could never afford. We pay around $1,600 in rent [monthly],” says Brian Fleming.

Philly pricing

This two-bedroom in South Philadelphia is on the market for $159,900. The estimated mortgage payments, according to Trulia.com, would be $940 a month. The median rent for a two-bedroom in Philadelphia is $1,150-$1,650, according to Trulia.com.



News
Entertainment
Sports
Lifestyle
Local

Girl, 10, dies after being pulled from water…

A 10-year-old girl died after being pulled from the waters off Coney Island Beach in Brooklyn on Tuesday night, police said.

News

NY judge throws out lawsuit by Empire State…

A New York state judge has thrown out a lawsuit in which longtime investors in the Empire State Building claimed they were shortchanged out of hundreds of millions of dollars…

Local

Mysterious white flags appear over Brooklyn Bridge

Two white flags mysteriously appeared over the towers of the Brooklyn Bridge yesterday in place of the American flags that are a traditional fixture.

National

Judge sets January start for murder trial of…

By Elizabeth BarberBOSTON (Reuters) - Former New England Patriots player Aaron Hernandez will be tried in January for the murder of semi-professional football player Odin…

Arts

Don't miss 'Charles James: Beyond Fashion' at the…

Have you been meaning to see "Charles James: Beyond Fashion"? There are only two weeks left to get to the Met and catch this amazing American fashion designer's collection.

Television

Zac Posen talks 'Project Runway' and what it…

We talked to Zac Posen, judge and designer extraordinaire, about the new season of "Project Runway" and what keeps him coming back after three seasons.

Television

'Face Off' contestant David 'DOC' O'Connell sounds off…

David "DOC" O'Connell tells us about getting cast on Season 7 of Syfy's "Face Off," premiering tonight at 9.

Arts

PHOTO: Wildlife photographer Marc Mol captures amazing aerial…

This aerial image was taken by photographer Marc Mol who spotted the animals during an air safari in Zambia.

NFL

David Tyree hiring has gay rights advocates angry

Former Giants Super Bowl hero David Tyree will re-join the franchise as its new director of player development.

NFL

Ben McAdoo's new offense has Giants excited to…

Even Tom Coughlin feels he has a lot to learn about offensive coordinator Ben McAdoo’s new offense, which makes the veteran coach very excited.

MLB

MLB Power Rankings: A's, Angels, Dodgers, Brewers lead…

MLB Power Rankings: A's, Angels, Dodgers, Brewers lead pack

NFL

2014 NFL season betting odds: Which team will…

2014 NFL season betting odds: Which team will win Super Bowl?

Tech

Learn Braille with these gloves

U.S. scientists have designed high-tech gloves to help users understand Braille in a matter of minutes.

Home

5 New Ikea products that will change your…

We round-up the latest must-have products.

Food

Recipe: Wolfgang Puck's Buttermilk French Toast

We recently spent some time chatting with restauranteur/celebrity chef Wolfgang Puck at his Wolfgang Puck American Grille in the Borgata in Atlantic City. Puck wanted…

Style

Go retro with your sneakers

The best of wacky new sneakers.