In Memphis area, it's almost cheaper to own home than to rent

The Memphis metro area is the fourth-cheapest market for home ownership, according to a ranking by BusinessWeek along with research firm Reis. The own/rent ratio is 114 percent, with average annual ownership costs at $8,593 and rental costs at $7,524. Here's how BusinessWeek calculated the ranking:

To create a fair matchup between owning and renting, we calculated ownership costs assuming a fixed 30-year loan for 100% of the purchase price with no down payment. If we had instead decided to factor in a 20% down payment, owning would have been the cheaper option for the top 10 metros on our list. [Emphasis added]


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