Is there any debate older than the buying-vs.-renting argument? Maybe not, but that didn’t stop Forbes — the magazine that loves its lists — from wading into this long-running battle. Forbes recently listed the top 10 U.S. cities where it makes more sense to buy a home, financially, than it does to rent an apartment.
Forbes worked with real estate Web site Trulia to track housing data for the 100 most-populated Metropolitan Statistical Areas and Metropolitan Divisions in the United States. Trulia determined a ratio of asking prices of homes for sale versus asking prices of rental homes.
The result of this? Detroit ranked as the best city in the United States in which it makes more sense to buy than to rent. Another Midwest city, Dayton, Ohio, came in third. The Warren-Troy-Farmington Hills area of Michigan came in fourth on Forbes’ list, while Toledo, Ohio, ranked fifth.
Grand Rapids, Mich., earned the sixth spot on Forbes’ list while Cleveland nabbed the seventh. Gary, Ind., came in ninth. Memphis, Tenn., nabbed the 10th spot. If you’re keeping track, Midwest cities accounted for nine out of 10 spots on the list, with only Atlanta breaking this streak.
The takeaway? If you’re living in the Midwest, you might consider the financial wisdom of buying a home instead of renting.
