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Tenants Find it Cheaper to Rent Than to Buy

In most areas of the country, homeownership costs more than renting.  Many economists with calculators claim the opposite, but the calculations and conclusions are often highly misleading.  As is often the case, the devil is in the details.

We recently reviewed one highly publicized calculation that owning was cheaper than renting in almost all markets.  That calculation had a number of outdated assumptions, including:
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