Several surveys in recent months have indicated the American dream continues to be homeownership, and according to a recent study, it's more cost-effective to buy a home than to rent an apartment in a majority of metropolitan areas.
According to Trulia
's Rent vs. Buy Index, in 80 percent of the citiesmsurveyed, it's more affordable to purchase a home, particularly in metro areas such as Las Vegas, Phoenix and Arlington, Texas.
Ken Shuman, head of communications at the real estate search engine, said market conditions have led to the buying trend.
"With home prices nearing a double dip and more foreclosures expected to flood the housing market over the next two years, the decision between renting and buying a home across most of the country has clearly moved in favor of buying," said Shuman. "As we head into the summer buying season, those looking to buy a home should be encouraged by improvements in the market and feel optimistic about their chances of finding an affordable home, much more so than in previous years."
Trulia's study supports what the Census Bureau found recently - that people who are moving are leaving their apartments and buying homes without incumbents, as the rental vacancy rate rose in the first quarter.