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Of course, that's not taking account of any capital appreciation in the owned property, but merely looking at the day-to-day costs of living. For example, in many areas people are simply unable to afford to buy but they can still live in that part of the country if they choose to rent a property to rent in york.
Professor Steve Wilcox of York University recently carried out an analysis of renting versus buying. He found that whilst house prices had tripled since 1994, private rents had only gone up in line with earnings meaning that the cost of renting had fallen in relative terms when compared to the cost of buying.
Over the past decade the impact of the buy-to-let phenomenon is one reason why rents have been kept relatively low, as there is now a huge supply of rented properties. In addition, the report also found that half of all people now moving choose to rent as opposed to buying. Indeed, in many areas tenants are better off financially than those who own their own homes and it is now becoming a lifestyle choice.
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