A national study has found that Grand Rapids is one of only 66 major housing markets nationwide where purchasing a home could cost less than renting an apartment and homebuyers could build substantial equity in just 12 years.
According to excerpts from the story:
With house prices falling around the country, many renters are wondering if this is the time to jump in and score a deal.
The answer, of course, depends on where you live. In much of the U.S., you're better off buying despite falling home values, say new data compiled by the National Low Income Housing Coalition and the Center for Economic and Policy Research.
Of the 100 most populous metro areas, 57 have average three-bedroom rental costs higher than the cost of a 6% loan for a typical low-priced house, including Little Rock, Ark., and Akron, Ohio.
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