Buy a house when your family needs tell you one is required and the economics of owning are better than those of renting.
Those economics are sometimes expressed as a house’s price, times its annual rent.
House times rent ratios right now are 5.6 in Detroit, to 10.4 in Chicago, to 15.1 in Los Angeles and 17.6 in New York
The figures come from statistics by Zillow,com of family homes, co-ops, condos and single family homes. ( See the Earl J Weinreb NewsHole® comments.)
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