Buying a home is on average 38% cheaper than renting in America’s 100 largest metropolitan areas, according to a recent study by Trulia. In Los Angeles as reported by the LA Times, a study by RealtyTrac that looked at prices for 2013’s fourth quarter, found renting to be cheaper here by about $100/month. But that doesn’t necessarily take into account the tax benefits of home ownership, the peace of mind of the permanence of owning a home, the investment aspect, etc.
Should you bite the bullet and shell out for a home of your own? There’s a lot to consider when it comes to home ownership, but for starters, take a look at this handy dandy rent vs. buy calculator from Trulia which allows you to compare the cost of renting and buying based on various factors like your location, ideal rent, and tax/mortgage rate.