But not everywhere is like this. Housing Markets like Miami, Oklahoma City, and Memphis are places where it is more affordable to buy than rent. Perhaps it still makes sense to buy in these areas.
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AUSTIN, TX
I believe Austin’s Housing Market is in the biggest Housing Bubble in US History. The annual cost of home ownership in Austin is now over $41k/year including property taxes and mortgage payments. That’s compared to only $22k/year to rent a house or apartment. That mean it’s over 90% more expensive for you to buy a home in Austin right now compared to renting.
DENVER, CO
Denver could be in for a big Housing Crash soon. The annual cost of home ownership is $36k (inclusive of property taxes plus mortgage payments). Meanwhile, it only costs a renter in Denver’s Real Estate Market $22k per year for the typical rental home. That means it’s 60% more expensive to buy a home in 2022 across the Denver Housing Market.
SALT LAKE CITY, UT
Salt Lake City’s Housing Market, and Utah more broadly, is in one of the biggest Housing Bubbles in America. It makes way more sense to renter at this point given the annual rent cost of $19k compared to the homeowner costs of $34k. That indicates it’s 73% more expensive to buy in Salt Lake City compared to renting. Can you say Housing Crash incoming?
But not every city in America is like Austin, Denver, and Salt Lake City. Others actually are more affordable for homebuyers in 2022. For instance:
MIAMI, FL
Miami, like many Housing Markets in Florida, is actually more affordable to buy than to rent. Don’t believe me? Consider that the typical annual rent in Miami is $31k compared to annual homeowner costs of $25k. That means that is actually 17% CHEAPER to buy. Even if Miami is in Housing Bubble in 2022, it’s still more affordable for someone to buy in terms of ongoing costs.
OKLAHOMA CITY, OK
Oklahoma City, and nearby, Tulsa, are two Housing Markets that still offer affordability. It is 12-17% Cheaper to buy a home in these metros than it is to rent. Both Oklahoma City and Tulsa made my TOP 10 Housing Markets to buy in 2022 list.
MEMPHIS, TN
Memphis is 22% cheaper to buy a home in 2022 compared to renting. That’s because ongoing homeownership costs across Memphis measure only $13k per year, including property taxes and mortgage payments, while rental costs are nearly $18k per year.
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