Wondering whether to buy or rent? Here's a little guidance on that issue from Zillow Inc. In 66 percent of U.S. metros, home buyers can break even on a home purchase in less than two years. In the Twin Cities metro, buying beats renting after only 2.2 years. Zillow's analysis, called the Breakeven Horizon, compares the cost of buying to renting to see how long you have to stay put to justify the up-front costs of buying a home.
In the Twin Cities, the breakeven point rates ranges from 1.3 years in Cologne to 5.3 years in Orono. Here's a look at the zip codes where the breakeven point is fastest and slowest. As you'll see, the areas where housing prices are the lowest such as in parts of North Minneapolis, for example, have the fastest breakeven point.