BY THE NUMBERS
CHICAGO—Using data sourced from Axiometrics and ESRI, real estate investor Waterton compared the cost of rent to homeownership and the cost of rent to income across the country's largest 25 metro areas. The firm concluded that in most areas Americans will fare better financially if they rent rather than buy their homes. In fact, home ownership is a better value than renting only in Miami/Fort Lauderdale and Tampa, and on par with renting in Detroit. In the other 22 largest metros, renting remains a better value – particularly in many urban centers in the West Coast region. Furthermore, Philip Martin, vice president of market research for Waterton, says that this data does not calculate the value of amenities, such as fitness rooms, party rooms, pools, outdoor patios provided by class A and class B apartment properties. These amenities can make renting an even better value than shown.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
