Where Should Millennials Rent or Buy in the U.S.?

Millennials have been slow to buy homes. In fact, the homeownership rate for adults under 35 remains at record lows, even though the economy has picked up and interest rates remain low.

And that’s the case even though Millennials (ages 25-34) would be better off buying than renting in all but two metros across the country, according to a new report from real-estate website Trulia. Using data for median home price and median monthly rent from the U.S. Census’ 2014 American Community Survey and their own consumer poll, Trulia finds that buying a home is 23 percent cheaper than renting for Millennials nationwide. (This data assumes a 3.85 percent mortgage rate on a 30-year fixed-rate loan, a 10 percent down payment, itemized tax deductions at the 25 percent tax bracket, and staying five years in a home.)