The report claims that it's currently cheaper to buy than to rent in nearly three-quarters of the 50 largest cities in the country, with Miami, Las Vegas and Arlington, Texas, leading the list. New York, Seattle and Kansas City, Mo., topped the list of cities where renting makes more sense.
So where did San Diego land?
A little past the middle, at number 32. Trulia's assessment of America's Finest City: "Renting is less expensive, but buying might be better." Trulia estimated the median rent for a two-bedroom apartment in San Diego ranges from $1,500 to $2,200 whereas the median home price is $330,000.
San Diego's ratio was 15, right at the cut-off point at which owning is cheaper than renting.
Overview of Results:
- Price-to-Rent Ratio of 1-15: Owning a home is much less expensive than renting in this city.
- Price-to-Rent Ratio of 16-20: The total costs of homeownership in this city are greater than the costs of renting, but it might still make financial sense to buy depending on the situation.
- Price-to-Rent Ratio of 21+: Renting in this city is much less expensive than owning a home.
