With mortgage rates at record lows and housing markets stuffed to the gills with cheap distressed properties that's led to declining home prices, the cost to own a home is sometimes cheaper than renting an apartment in many markets, according to analysts at Credit Suisse.While a segment of the renting population continues to rent, many are looking to dip their toes in the homeownership waters. Credit Suisse said the percentage of median household income needed to pay the mortgage on a median priced home is at a 30-year low.
Low mortgage rates and property values makes homeownership more attractive than renting for many. In many markets — including Washington DC, California's Inland Empire, Las Vegas and Phoenix — paying for a mortgage is less expensive than renting.
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