Even with housing prices recovering from the economic recession, an analysis by the real estate experts at Trulia reveals that, in almost every major metro area in the United States, buying a home is significantly cheaper than renting. According to their report, renting is 35% more expensive than purchasing, on average, with an even greater spread in areas like the South and Midwest. While you may have been wondering whether you can afford to buy a house, the home value experts at EXIT Realty Nexus in Minneapolis recommend considering whether you can afford not to.

Trulia's comparison actually takes into account the full cost of home ownership, including closing costs, taxes, insurance, mortgage payments, and even maintenance, making buying a home one of the soundest financial decisions you can make. This gap may narrow in the coming years if interest rates rise, so it makes sense to purchase a home now and maximize your savings.

Not only does purchasing real estate save you a great deal of money month-to-month, but it has even greater advantages in the long run. Your mortgage payments build up your home equity, which creates wealth, while many consider rent to be just wasted money. Renting also entails other hidden expenses which homeowners don't have to worry about, such as frequent moving costs and new furniture to replace anything that doesn't fit into a new place.

If you're ready to take the step and start saving money, visit EXIT Realty Nexus online to browse their property for sale, or just call (612) 281-1033 today.