How renting compares to buying in Chicago and other large U.S. cities

To help families determine where it makes more sense to buy vs. rent and vice versa, the team at Haven Life, an online life insurance agency, wanted to find out which cities in the U.S. have the highest and lowest price-to-rent ratios. Using the most up-to-date data from Zillow, Haven Life analyzed monthly median price-to-rent ratios, home listing prices, and rents for the 200 most populous cities in the U.S. The team ranked each city by its Q1 2018 price-to-rent ratio, and the results can be seen in the tables below.

An overwhelming proportion of cities with the highest price-to-rent ratios are in California—none of which have ratios that are considered to be favorable for buyers. On the other hand, most cities with the lowest price-to-rent ratios are in the South or Midwest. In these cities, buying a home can be much more cost-effective than renting.

Take a look at how large U.S. cities rank below.

Filed under: ChicagoNow News

Leave a comment