If you are considering buying a home, The New York Times has a nifty multimedia device on its Web site today that may help you determine whether buying or renting is more cost effective. As a side observation, this is a good example of how online journalism - specifically interactive graphics - can add value and not just eye candy to a well-reported story. The NYT seems to do this better than most news sites.The article that accompanies the calculator provides useful information about the changing real estate markets around the country. What was true three years ago is not necessarily true today. The recession has created buying opportunities in some areas, while having little or no impact in other regions. Read more at the NYT site.
The interactive stuff is nifty. According to the NYT the places with the lowest rent ratios (cheapest places to own vs. rent) are Cleveland, Detroit and Pittsburgh. There must be some real housing bargains to be had in the rust belt right now. Of course the fact that their job base has been depleted has a lot to do with it.
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