Buy or Rent???

Due to the economy and several other factors this question has been on a lot of minds. In today's blog I reveal the Top 10 cities where it is best to buy vs. rent. Our very own Arlington, TX makes the list at #2. Minneapolis tops the list of U.S. cities where home prices have become so affordable that it makes more sense to buy a home than rent one, according to the recent Rent vs. Buy Index published by online real estate listing service Trulia. The index’s price-to-rent ratio is calculated using the average list price compared with the average rent on a two-bedroom apartment, condo, or townhome listing.

The Top 10:

1. Minneapolis, MN 6. Mesa, AZ
2. Arlington, TX 7. Jacksonville, FL
3. Miami, FL 8. Phoenix, AZ
4. Fresno, CA 9. El Paso, TX
5. San Antonio, TX 10. Las Vegas, NV

Is Bigger Better?

Moving on UP!
More residents moved in 2009 than in 2008, according to a new report by the U.S. Census Bureau. Data from Geographical Mobility: 2009 shows that 37.1 million people changed residences in the United States within the past year, up from 35.2 million people who moved in 2008. More than two-thirds (67.3 percent) moved within the same U.S. county, 17.2 percent moved to another county in the same state, 12.6 percent moved from another state, and 2.9 percent moved to the United States from abroad.

Among unemployed residents age 16 and older, 20.9 percent lived in a different residence a year ago, compared with 12.5 percent of those who were employed. Nearly half of those who moved said they did so because they wanted to own a home or live in a better neighborhood, while 26.3 percent moved because of family concerns and 17.9 percent moved due to changing employment needs.

So when people move, Is Bigger Better?

Homes built since 2007 are generally larger, more expensive, feature more bedrooms and bathrooms and are more likely to include amenities such as central air conditioning than home built before 2007, according to data from the US Department of Housing and Urban Development's 2009 American Housing Survey. Newer homes have a median size of 2,300 square feet, compared with 1,610 square feet in 1973. Four out of five newly built homes (80 percent) have three or more bedrooms, up from 48 percent of homes in 1973. A majority of newly built homes (89%) have two or more bathrooms, compared with 19% in 1973.

The survey also find that 86 percent of the more than 130 million residential properties in the U.S. are occupied; 68 percent are owner-occupied. The median age of a typical U.S. home is 36 years.

The latest survey includes enhanced data from five metro areas, Chicago, Detroit, Philadelphia, New York and northern New Jersey. It also include two independent metro studies of New Orleans and Seattle. Lat conducted in 2004, the New Orleans survey provides an in-depth look at the city's redevelopment progress following the devastating hurricanes of 2005. For the first time ever, the survey includes data on the disability status of household members.