by Kristine Anderson Wylie
As if veterans need more reasons to use their zero-down VA loan benefits, the rent vs. own decision just got easier. In fact, it’s cheaper to own than rent in all 100 U.S. metro areas used in top home price indexing – MUCH CHEAPER! Numbers don’t lie, and according to the Trulia Rent vs. Buy Report – Summer 2012, it’s anywhere from 24% to 70% cheaper to own than rent.
Pick a city, any city, and you’ll likely discover the average mortgage payment beats the average rent. The states with the biggest veteran populations are California, Texas and Florida. The table below illustrates just how much cheaper it is to buy than rent in metro areas nearest to major military bases:
| Metro Area | House Payment | Rent Payment | Cheaper by $ | Cheaper by % |
| Fresno, CA | $672 | $1,333 | $661 | 50% |
| Los Angeles, CA | $1,379 | $2,020 | $641 | 32% |
| Oakland, CA | $1,331 | $2,321 | $990 | 43% |
| Orange County, CA | $1,610 | $2,423 | $813 | 34% |
| Riverside-San Bernardina, CA | $853 | $1,495 | $642 | 43% |
| Sacramento, CA | $898 | $1474 | $575 | 39% |
| San Diego, CA | $1,314 | $1,981 | $667 | 34% |
| San Francisco, CA | $2,327 | $3,226 | $899 | 28% |
| San Jose, CA | $1,819 | $2,646 | $827 | 31% |
| Ventura County, CA | $1,516 | $2,274 | $759 | 33% |
| Austin, TX | $938 | $1,545 | $607 | 39% |
| Dallas, TX | $812 | $1,501 | $689 | 46% |
| El Paso, TX | $719 | $1,202 | $483 | 40% |
| Fort Worth, TX | $716 | $1,360 | $644 | 47% |
| Houston, TX | $850 | $1,726 | $876 | 51% |
| San Antonio, TX | $809 | $1,370 | $562 | 41% |
| Jacksonville, FL | $642 | $1,355 | $713 | 53% |
| Miami, FL | $1,032 | $2,003 | $971 | 48% |
| Orlando, FL | $607 | $1,345 | $738 | 55% |
| Palm Bay-Melbourne-Titusville, FL | $576 | $1,133 | $557 | 49% |
| Tampa-St. Petersburg, FL | $594 | $1,393 | $799 | 57% |
| West Palm Beach, FL | $723 | $1,764 | $1,041 | 59% |
VA Loans Make Buying vs. Renting Choice Easier
Affordable home prices, beyond-low mortgage rates (around 3.5%) and the advantages of VA loans, make buying vs. renting a no-brainer for many VA-eligible borrowers. VA loan rates are competitive with the national average, but VA loans can be easier to qualify for than conventional loans with more lenient debt-to-income (DTI), residual income requirements and no minimum credit score as set by the VA (lenders may vary). The VA-backed home loan program requires zero down payments on purchases up to $417,000. And, VA borrowers never pay monthly mortgage insurance premiums. Contact a dedicated VA lender for more information.
Table from Trulia report.
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