NEW ORLEANS – Buying a home is 23% cheaper than renting nationwide for millennials and now is the best time to buy since 2012. For older homeowners, who can afford a higher down payment, buying is 36% cheaper than renting on a national basis, based on September home prices. That according to Trulia’s Ralph McLaughlin who reports the percentage is even higher in New Orleans. He finds with the median home price of $169,688 and a median monthly rent of $1,500, buying is 43% cheaper than renting in the Crescent City.
Trulia’s Rent vs. Buy Report shows buying is also cheaper than renting in each of the nation’s 100 largest metros.
McLaughlin reports young buyers are finding great deals in the Southern and Midwestern housing markets. He finds metros in Texas, Florida and Louisiana dominate the top ten list of places where young households will find buying easier. For example, he reports it’s 46% cheaper for younger buyers to buy than rent in Houston.
Trulia is a fully owned subsidiary of the Zillow Group.
