There's a bright side to the depressed home values in Fresno: The city is among the top 10 areas in the country where it is less expensive to buy a home than to rent one, according to a new report.
The Rent vs. Buy Index from Trulia, a San Francisco-based company that compiles real estate data, ranks Fresno fourth. Minneapolis is at the top, followed by Arlington, Texas, and Miami.
The study compared the average list price of a two-bedroom apartment, condominium or townhouse with the average rental price of the units during the last week of May. The researchers examined the annual cost of owning and of renting.
While they didn't calculate a monthly mortgage cost, their analysis factored in the total cost of homeownership, including the mortgage payment, property tax, homeownership association dues and tax advantages, said Ken Shuman, a Trulia spokesman.
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