It's still cheaper to buy a home than rent in every major city across the U.S., says Trulia. According to the real estate site's latest Rent-vs-Buy report, it's 35% cheaper on average to buy a home in the 100 largest U.S. metro areas. The report compares estimates the sales price and the rent price on the same homes, then controls for other variables associated with home ownership including taxes, insurance, maintenance, closing costs and projected sales proceeds. Monthly mortgage payments assume a 20% downpayment and a 30-year fixed mortgage with a 4.8% interest rate. The report also assumes you will stay in your home seven years if you own. Following is a list of the top 10 cheapest places to own a home rather than rent one as well as a list of the top 10 places closest to the tipping point at which renting become cheaper.
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