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Buy or rent? 10 major cities

Deciding whether to buy or rent? Here's how the math plays out for some of the nation's biggest cities, according to real estate site Trulia.

Detroit

detroit buy or rent cities gallery
  • Buy or rent?: Buy
  • After 3 years: Buyers save 62%

Anyone who wants to live in Detroit for awhile should find the neighborhood they like and start visiting some open houses.

Home prices in Motor City are about half what they were back in 2004. The median price for homes sold during the last quarter of 2012 was just $80,000, less than a fully-loaded Cadillac Escalade.

Even buyers who sell after three years, would save about 62% more than renters on housing costs, according to Trulia.

Related: 11 ways to save Detroit, before it's too late

Yet, Detroit definitely has some downsides: The city has been emptying out. That has left a housing stock of numerous homes to chose from, many in bad shape, but all cheaper than almost everything else in the country.

Source: Trulia
Savings are based on a comparison of total housing costs for buyers and renters and include transactional cost, such as commissions, taxes, appreciation and opportunity costs, like the potential returns of selling a home. The calculation assumes homeowners will put 20% down on a 3.5%, 30-year fixed-rate mortgage, will itemize deductions and are in the 25% tax bracket.
  @CNNMoney - Last updated March 28 2013 12:23 PM ET

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