A great comparison study done by Trulia shows the financial benefits of buying vs. renting in various cities around America. While New York and LA are places that one should rent, Honolulu falls nicely into the "BUY" section.
Why?Â Simple - because rents are so high here.Â Trulia explains their method:
Trulia calculates the price-to-rent ratio for the 50 largest U.S. cities using the median list price compared with the median rent on two-bedroom apartments, condominiums and townhomes listed on Trulia.com.Â
Sample Price-to-Rent Ratio Calculation:
Median List Price:Â $140,201.37
Median Rent:Â $1,871.65
Price-to-rent ratio: $140,201.37 Ã· ($1,871.65 x 12) = 6
While cities like Las Vegas and Miami are the best places to…