Is Greater Boston a better market right now for renters or buyers?
It is definitely a question worth looking at, especially given the ongoing turmoil in the real estate market and a still uncertain recovery.
There's rising interest in renting out there - The New York Times has a nifty calculator on its website aimed at helping fence sitters figure out whether to rent or buy.
Now along comes Trulia.com, which has put together an index of its own ranking the nation's top 50 metro markets in terms of whether they are better buying or renting markets.
The Boston area, given some still pretty high home and condo prices, is deemed by Trulia to be a better market for renters rather than buyers right now, though only nominally.
Boston's score is 16, putting it in a category where it generally makes sense to rent, but with exceptions based on the deal. That's based on an average home price of nearly $537,000 compared to a two-bedroom rent of $2,623 a month, according to Trulia.
Still, there are other markets where renting is a no brainer right now. New York, with an average condo price of $1.3 million compared to a monthly rent of $3,538, meets that definition. (In fact, the New York market is flooded right now with condos that can't be sold are now being rented out.)
San Francisco is also right up there, with an average sale price of $774,728 compared to a monthly rent of just under $3,000.
So what's your take? Is it really better to rent right now than buy?
