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Deciding whether to rent or buy a home when moving

Finances weigh heavily when deciding if to purchase a home.

Finances weigh heavily when deciding if to purchase a home.

People move for a variety of reasons, but one of the hardest decisions some will have to make is whether to rent or buy a home in the area they are relocating to.

For the last few years, real estate experts have advised consumers to keep on renting. However, stabilizing housing prices and record-low interest rates are making that decision a little harder.

Recent research from real estate expert Trulia may make that decision easier for consumers. It examined 50 of the most populous U.S. cities to determine if renting or buying was the better financial option.

On Trulia's better to rent list, places like New York and San Francisco were included. While the company doesn't say it's a bad decision to purchase a home in these areas, they are stating that buying is "significantly more expensive than renting."

Other areas, such as Phoenix and Las Vegas, that were once too expensive for many people to buy a home, have seen prices drop considerably. Home sellers lowered prices to compete with foreclosures, Trulia said.

Before jumping from renting to buying, consumers should make sure that their mortgage payments won't take up more than 30 percent of their monthly income.ADNFCR-3450-ID-19833507-ADNFCR