According to a new analysis by analytics firm RealtyTrac found that it was still cheaper to buy a house than rent one during the first five months of 2015.
The findings continue a trend in RealtyTrac findings from the last five years. This study looked at buy-or-rent and buy-to-rent three-bedroom residential properties
Amongst 285 counties with 100,000 residents or more, the average percentage of the median income spent on renting a three-bedroom home was close to 30%--29.96%--while the average percentage of median income to buy was 29%. In 66% of the counties surveyed it was cheaper to buy such a home than to rent one.
RealtyTrac found this to be particularly true in south Florida for several contributing factors, including low local real estate taxes and high rents due to the proximity to Miami.
However the firm did not mention the fact that buying a home involves a 15-to-30 year financial commitment instead of the typically yearlong one for signing a rental lease.
