According to CNN Money, it may be better to rent than buy a home in the Cleveland area these days. That is, unless and until economic conditions change. Which they always do.
The real estate website Trulia calculated the benefits of home ownership vs. the cost of rentals for various cities across the US. If, as in Minneapolis these days, buying costs less than 8 times the cost of renting the same type of housing, then it makes more sense to buy.The same goes for places like Phoenix, Las Vegas and Miami.
But in places like Cleveland, Manhattan, Seattle, Portland and San Francisco, the costs of buying were higher than to rent.
Read more here.