Cheaper to buy a home than rent in metro Detroit, report finds

The Detroit Free Press reports:

It is cheaper to buy a home than rent one in metro Detroit, according to a new ranking out today.

Wayne County ranks first on the list, with the rest of southeast Michigan in fourth place and Grand Rapids at sixth, according to Trulia.

Ohio also had three cities on the top 10 list – Dayton, Toledo and Cleveland. Oklahoma City, Atlanta, Gary, Ind., and Memphis rounded out the top 10 cities where it’s cheaper to buy than rent.

The Trulia report found that buying a home is cheaper than renting in 98 of 100 top metro areas. Honolulu and San Francisco are the only two areas where renting is a better deal than buying, according to the report that covers the three months ended Feb. 29.

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