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
National

At 91, Marvel creator Stan Lee continues to…

By Piya Sinha-RoyLOS ANGELES (Reuters) - Marvel Entertainment's chief emeritus Stan Lee may be in his ninth decade, but it hasn't stopped him from adding…

National

Islamic State says beheads U.S. journalist, holds another

Islamic State insurgents released a video purportedly showing the beheading of U.S. journalist James Foley, who had gone missing in Syria nearly two years ago.

Local

VIDEO: NYPD seeks shooter in East New York…

Cops are on the lookout for an unknown shooter who aimed and missed hitting a man on a bicycle, instead nearly striking a nearby officer in East New York.

Local

NYS state forces thrift shops comply with ban…

Nine New York City thrift shops were reprimanded by the state attorney general for selling children's clothes with drawstrings around the neck and waist.

Television

'Pretty Little Liars' recap: Season 5, Episode 11,…

Caleb's not a ghost. Spencer might still be an attempted murderer. And Hanna's going to die next week. In other words, we actually got some…

Movies

At 91, Marvel creator Stan Lee continues to…

Marvel Entertainment's Stan Lee is adding outposts to his creative empire to interest a new generation of children in super heroes of all shapes and sizes.

Television

Mira Sorvino explores immortality on 'Intruders'

Mira Sorvino's new show "Intruders" centers around a secret society that achieves immortality by taking over the bodies of other people.

Television

5 things you need to know about new…

"Doctor Who" returns Saturday with a new star, Peter Capaldi. Here's some things to know about him (mainly his turn as sweary spin doctor Malcolm Tucker).

MLB

Shane Greene travels unlikely road to Yankees stardom

Shane Greene was throwing a bullpen session on a quiet field at Daytona Beach Community College one day when the ball started moving.

NFL

2014 Fantasy Football: Rankings, list of top NFL…

2014 Fantasy Football: Rankings, list of top NFL tight ends (TE)

MLB

MLB Power Rankings: Angels supplant A's, Nationals climb

MLB Power Rankings: Angels supplant A's, Nationals climb

NFL

David Wilson returns to triple jump, sets sights…

Giants fans know David Wilson can jump. They are just more used to seeing him go for backflips, not distance.

Style

11 timeless gifts for registries or just because

Gifts to prove you're a style maven once and for all.

Parenting

How everyday moments can inspire kids' creativity

"The Artist's Way for Parents" author Julia Cameron gives advice on how parents and children can be creative together.

Tech

How to stay safe online

Stop worrying about keeping your online passwords safe, and start worrying about keeping your username a secret. Actually, worry about both. According to Shaun Murphy…

Tech

OpenTable now lets you pay your bill via…

The restaurant app OpenTable added the ability to pay your bill (and tip) with your phone, thus cutting back on a few dining annoyances.