Time magazine had a cute article about where it’s cheaper to rent than buy. I was a bit shocked that New York City was on that list, but I guess home prices there are even more expensive than NYC’s high rent. In Miami, it’s cheaper to buy than rent and I’m not surprised. The foreclosures here are a way of life. There are so many condos to be had for cheapie, too.
How is it where you live? Is it cheaper to rent or buy?
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Was that the 15x guy? I heard that on my way to work the other day – I thought it was great advise. That, and what can you AFFORD as opposed to WANT!
Alas…. we are totally renters in California…
P.S. You know what I’ve discovered is super cheaper to rent than buy? TEXTBOOKS. I don’t know why they didn’t have this when we were in undergrad – but I just started doing this for my MBA program. It is like 1/4 of the price.
Sorry, I’m so in love with it that it was the first thing I thought of when I read this post!