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Renting vs. buying: pros and cons

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    Job security plays key role in decision

  • Duration 2:24
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Saturn's rings is right the bad housing market begging and really important question should you be buying.

Or maybe it's time to rent.

James Rosen looks at the pros and cons of both in part three our special reports on housing crisis this week -- James.

Martha good morning a number of recent studies have confirmed the trend that buying a home in most major American cities is now more affordable long term.

Then renting one the open question though is whether enough Americans.

Will soon feel that they have the kind of job security they need in order to take the plunge and nudge the nationwide rate of home ownership back up to its high watermark -- 2004.

Leading real estate sites like Trulia dot com real estate site zillow dot com have found current housing market conditions exhibiting.

The most favorable price to -- ratio in recent memory.

So those rent index look at major metro areas across all of last year -- found rent prices.

Increasing.

In nearly 70% of cities while home prices increased with just 110 of that frequency the Wall Street Journal reported three weeks ago that from January 2011 to January of this year median rents rose 3%.

While home prices fell in that same time period.

By nearly 5%.

Credit harder to get than it was certainly during the bubble.

That means even though it might be cheaper to buy them to rent many people aren't even in a position to ask the question of whether to -- -- children.

One couple that did find themselves in that position was Laura -- -- and husband Vincent picket.

Who recently clinched a deal to purchase a home in Northern Virginia after five years of renting in which.

They said they felt like they've been losing money.

People for for the government.

We've been working for the government for a while.

Which we're very appreciative -- because those concerns about having on the job taken away.

-- spontaneously without lot of warning.

Don't apply S much to us.

Despite the favorable conditions for buying a recent Fannie Mae survey found that 75%.

Of Americans calling it quote.

Not at all likely that -- purchase a home in the next year Martha.

That's not good news James thank you very much James -- in DC so for more on our special shattered dreams housing series head -- out and practice dot com.

Slash shattered dreams there you can now watch any of this week's special reports that you might have missed in -- this continues to lead underlining story.

Of how difficult things on our economy about that it -- Jane dissolved in DC and a.

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