The question of whether to buy or rent is sometimes a tough one if you’re going to be living in an area long-term. By buying, your higher mortgage payments are going towards building up a personal financial asset, home equity, rather than just paying for the right to stay in a building for a set period of time. Personal finance experts have come up with this rule of thumb to answer that question called the price-to-rent ratio. The price-to-rent ratio is derived by dividing the average asking price for buying a home by the average asking rent in the area. If that number is greater than 15 it makes more sense to rent and if that number is less than 15 it makes more sense to buy. Forbes recently put together a list of the top ten big cities that have the lowest price-to-rent ratios. If you’re going to be living in these cities for a while, buying a home would be by far the wisest decision:
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