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Survey Says It's Cheaper To Rent

More fuel for renters who insist they're not throwing money down the toilet: A new survey in today's Wall Street Journal concludes that in major markets across the country, the cost of owning far exceeds the cost of renting, and that the gap is widening. The figures below represent the ratio of monthly rental costs over monthly ownership costs (assuming a 30-yr mortgage and excluding insurance, property taxes, and tax breaks):

· San Francisco: 0.45
· Las Vegas: 0.54
· Los Angeles: 0.55
· Boston: 0.67
· New York: 0.71
· Chicago: 0.73
· National: 0.92
In each of these markets, the ratio has declined in each of the last three years. Of course, as housing prices have soared, many existing owners have made up the difference and then some. Whether that will continue is something only God and Barbara Corcoran know.
· In the Hottest Markets, Renting Is a Real Bargain [WSJ]
· The Word From On High: Rent! [Curbed]