Is it cheaper to rent or buy a home? Well, that depends on where you live.
Fierce competition for lower-end homes, thanks to a combination of low mortgage rates and record low supply, is driving prices higher.The answer is: It depends where you are.
Of the top 50 markets, 14 showed very little difference between the monthly costs of renting and owning a home. Cities in the Midwest and South favored buying.Memphis, Tennessee, for example, had a monthly rental cost of $914, which was nearly twice as much as the $462 cost of owning a home . California claimed the top four spots, with San Jose, Los Angeles, San Francisco and San Diego favoring renting costs over owning.
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