Is it cheaper to rent or buy? That’s an ongoing question that really varies by location. However, a recent report from howmuch.net took a look a look data from several sources to determine the annual salary it takes to buy a home (including principal, interest, property tax, homeowner’s insurance and a 20% down payment) in the nation’s 50 largest metros.
“In general, metro areas in the Midwest and the South require lower salaries than metro areas on the West Coast and the East Coast. The most expensive metros are located in California, especially near Silicon Valley…”