New analysis from the Urban Institute says that in 16 of the major metropolitan areas in the U.S., buying a home is a better option and investment than renting.
Miami, Tampa, and Orlando, Florida all made the list of metros where it is better to buy than rent. In Orlando, the average monthly rent is nearly double the average, comparable monthly mortgage payment. In Tampa, Credit.com reports that for roughly 90 percent of this area's communities, renting is more expensive than buying.
First-time homebuyers are now waiting a record six years to move from renting to buying. Young adults looking to upgrade out of their one-bedroom apartments are increasingly renting single-family homes rather than buying. Single-family rentals make up the fastest-growing segment of the housing market, according to the Urban Institute.
