It is more affordable to buy a home than rent in America’s 100 biggest metropolitan areas, this according to Trulia’s Summer 2012 Rent vs. Buy Report.

According to the Trulia report, for the period of June 1, 2012 and August 31, 2012 nationwide, homeownership was 45% cheaper than renting.

In Baltimore, Maryland, the monthly cost of homeownership in summer 2012 was $817; while the monthly cost of renting was $1,874. This means that homeownership is cheaper by 56% in Baltimore.

In Bethesda-Rockville-Frederick, Maryland, the monthly cost of homeownership in summer 2012 was $1,246; while the monthly cost of renting was $2,250. This means that buying a home is cheaper by 45% in the Bethesda-Rockville-Frederick area.

According to Trulia, cost of homeownership presumes that the property is sold after 7 years and includes closing costs, insurance, maintenance cost, property taxes and other costs; while cost of renting refers to rental cost as well as renters insurance and security deposit.

Jed Kolko, Trulia’s Chief Economist, said in a statement, “Homeownership is cheaper than renting in all of the 100 largest metros, by a wide margin.”

The Trulia’s Chief Economist continued, “Despite the recent price rebound, rents continue to rise faster than prices, and mortgage rates are near record lows.”

“Homeownership makes the most financial sense for people whose strong credit scores let them snag the lowest mortgage rate and who get the biggest benefit from deducting mortgage interest and property taxes from their income taxes,” the Trulia’s Chief Economist added.

The Guldi Real Estate Group is consistently ranked as one of the country’s top real estate teams by the Wall Street Journal. The Guldi Group provides outstanding customer service to clients throughout the state of Maryland and South Florida from four locations.

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