We all know that owning a home is hard in the United States. However, recent studies have shown that owning become more affordable than renting especially in some cities. Find out if your city is included.

The housing downturn in the United States looks like it's having some developments this time. Compared to the last 15 years where many were not capable of paying a monthly mortgage, mortgage rates as well as home prices nowadays have fallen. The fall of mortgage rates made owning cheaper than renting a home in some cities of the United States.

Rental rates for Boston luxury apartments are quite high and if mortgage rate will fall, rent for these apartments will definitely be a high cost. That is, if Boston is included in those cities that have lower mortgage rates.

According to the survey of Wall Street Journal, the third quarter survey of housing market shows a decline of home values in 25 among 28 metropolitan areas as compared to the second quarter records of Zillow Inc. While home values are declining, rents especially Boston luxury rentals are briskly rising. In contrast, mortgage rates are 4 percent lower, which is the lowest in the last six decades.

However, despite of the falling mortgage rates, many are still unable to purchase a home. Recession is just one of the reasons why many are still unable to take advantage. Other than the continuing effects of the recession, one more reason why many households cannot move on to larger homes or properties is their inability to sell their homes.

In addition, owning a home will require homeowner to incur other costs other than mortgage including taxes, insurance, association dues, and maintenance. These dues may made potential homeowners to back out.

More reasons why some potential buyers cannot afford to buy new home is the tight lending conditions, which made them unqualified for mortgage. Others on the other hand have homes with lower equity that is not enough to be used as down payment.

If you are asking whether the city you live in is included in cities with lower home mortgage, studies show that Detroit, Minneapolis, Orlando, Las Vegas, Miami, St. Louis, Chicago, and Phoenix have lower mortgage rates than rental. If you are in Boston, obviously rental is cheaper as it is not included in the list. Fenway apartments are just a few of the popular luxury apartments to stay in while in Boston.

It is important that you thoroughly think about your decision if you're going to decide whether to rent or own. Rental apartments do have some advantages over owning a home, no matter what city you're in, such as the ability to move out at the end of your lease without having to deal with the hassle of selling your property, plus the fact that you don't need to provide any down payment for a mortgage.