Miami is currently ranked as the number one city to buy vs. rent, in a tie with Las Vegas; with a previous ranking as the fifth best city last month, Miami’s market is heating up.
Trulia tracked each city’s affordability, with a rent-buy ratio of six to 10 equaling buying vs. renting as the more practical option. Both Las Vegas and Miami received a six, with Miami’s median price for buying being $100k to $200k, and renting at $1,500 to $2,000. The city also had a low foreclosure rate of 0.38 percent, and a job growth rate of 1.7 percent.
Las Vegas portrayed similar median prices, with an average of $0-$100K for buying a property and $500-$1,000 for renting in the area.
Other markets where it was preferable to buy included: Arlington, Jacksonville, Mesa, and Phoenix.
At the polar opposite end of the spectrum was New York, with a 31, denoting that it is much cheaper to rent vs. buy, with a median price for renting of $3,500-$4,000 and a median price of $1.3 million to $1.4 million for buying a home.