More on the Rent Vs Buy Debate…. 🙂
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A few years ago Economist Edward Leamer derived a buy/rent ratio for several housing markets similar to the P/E ratio for equities.
http://sfgate.com/cgi-bin/article.cgi?file=/chronicle/archive/2004/06/17/BUGND776191.DTL
http://www.signonsandiego.com/news/metro/20070717-9999-1n17housing.html
The market can stay irrational longer than you can stay solvent. -Keynes