BOSTON–A new study shows it is better to rent a home than buy one in Massachusetts as we head into 2019.
Based on the latest Census Bureau data for cities with a population of 60,000 or more, the rankings were determined by calculating the price to rent ratio.
The price to rent ratio is the median home value divided by the median annual rent and serves as a benchmark for understanding whether it is better to rent or buy in an area.
A ratio under 20 are likely more affordable to buy, and a ratio over 20 are better to rent.
Of the 15 cities with a population of 60,000 or more, only 1 is better to buy while it makes sense right now to rent in the other 14.
Here is the list of cities better to buy (ratio less than 20):
- Springfield, MA 18.4
Here is the list of cities better to rent (ratio more than 20): Newton buying the worst city to buy a home in.
- Worcester, MA 20.2
- Brockton, MA 21.4
- Lowell, MA 23.2
- Lawrence, MA 24.4
- Quincy, MA 26.8
- Framingham, MA 27.8
- Lynn, MA 28.6
- New Bedford, MA 28.7
- Boston, MA 31.5
- Cambridge, MA 31.6
- Fall River, MA 32.6
- Somerville, MA 34.4
- Newton, MA 46.6.