To buy or to rent? Chances are the latter seems like the safer option. Yet, according to a recent analysis by Trulia, homebuyers may be making the more economic choice — at least in Philadelphia, where the housing market has steadied in recent years.
When comparing the city’s median home and rent prices, the real estate website discovered Philly homeowners would be paying 48% less than if they were leasing for seven years. That’s under the national average where homeowners save close to 38%.
New York and Los Angeles homebuyers save less than 25%.
• Is it cheaper to buy or rent in Philadelphia? [Philly.com]
Meanwhile, in other news…
• North Philadelphia meeting addresses gentrification [Daily News]
• Lower Merion Commissioners table Cricket Lot plan [Main Line Times]
• Apply for Citizens Planning Institute spring 2014 classes [PlanPhilly]
• Seminoles may again be looking at A.C. casino [Philly.com]
• Penn Health grabs more space at Science Center building [Philadelphia Business Journal]
• Pump the brakes: L&I to revoke permits for waterfront auto repair shop? [Passyunk Post]