Comparing Rent and Buying Options in South Florida: Latest Survey Results
Originally Published 2 years ago — by USA TODAY
Renting is cheaper than buying a home in 45 out of the 50 largest metropolitan areas in the United States, according to a new analysis by Clever. The study analyzed the price-to-rent ratio, which is calculated by dividing the median home price by the median annual rent and compares the cost of buying a home to the cost of renting expressed as a ratio. A ratio of 15 or lower generally means it's better to buy, while 21 or higher means it's better to rent. Three metros with very expensive homes — San Jose, San Francisco and Los Angeles— had the largest average gap between renting and buying in 2023.