It can cost more to buy a house than it does to rent one. That doesn't mean it's a better deal.
Houston Realtor Mike Weaster says a study suggesting it costs 56% more to buy doesn't tell the whole story. He says there are plenty of locations where the home prices are comparable to rentals.
“You go to Pasadena and you can rent a house for a thousand dollars a month,” Weaster says, “but you can still buy a house where your mortgage payment -- principal, interest, taxes and insurance -- is under a thousand a month.”
Construction of thousands of apartments in the metro could drive those prices lower in the future. Weaster says a lot of young people don't want the worries and maintenance costs of buying.
He says the numbers from NerdWallet may not be accurate.
“That 56 percent,” he points out, “I think those numbers are skewed, because I think they're looking strictly urban, Dallas, San Antonio, Austin.”