Rent vs. Buy is a never ending debate and while buying is currently 37.7% cheaper on a national basis, rising home prices are a growing concern. Trulia's blog staffer Ralph McLaughlin takes a look at how rising home prices is of greater concern currently that interest rates rising.
McLaughlin points out that rising prices have hurt the positive effects that low rates have had, but in the South, deciding to buy instead of rent is still simple:
Eight of the 10 metros that offer the largest financial advantage of home ownership are there, with Philadelphia and Syracuse, N.Y., being the only non-Southern markets to make the list. Buying a home in Miami and West Palm Beach, Fla., will be the easiest on your wallet: after seven years of home ownership, buying a home is 53.2% cheaper than renting.