In the Raleigh, NC area the fact remains that renting is a tremendous waste of money. Purely from a financial point of view, buying a home in the Raleigh area is aboug 38% cheaper than renting. This information is from a recent Trulia article published earlier this month (March 2014).
In an attempt to create an apples to apples comparison, Trulia uses several data sources and analyses. They publish the following summary on their website:
1. Calculate average rent and for-sale prices for an identical set of properties.
2. Calculate initial total monthly costs of owning and renting.
3. Calculate future total monthly costs of owning and renting.
4. Factor in one-time costs and proceeds.
Jim Ellis is a real estate professional with Go Realty in the Raleigh/Durham/Chapel Hill areas of North Carolina.