Buy v rent: The areas of Yorkshire where renting is most expensive as a proportion of house prices

The buying vs renting debate is not a new one, but there are some areas where it makes more sense to rent than others.

In one part of Yorkshire, you could rent for nearly 26 years until you would have spent enough to buy a house, while in another, it would take just 18 years.

Of course, it’s worth noting that mortgage repayments mean most buyers will end up spending considerably more on their house than the purchase price, and they will also have to fork out for maintenance, unlike renters.

On the other hand, buying a house is an investment, unlike renting, where the money you spend each month goes to your landlord.

We’ve looked at the latest house price and rental cost data for areas across Yorkshire to see where it is most economical to rent.

By comparing the average semi-detached house price with the typical monthly cost of renting a semi, we’ve worked out the average annual rent as a percentage of house prices in each area.

Our calculations demonstrate how that figure ranges considerably, from less than 4% in one part of Yorkshire to more than 5.5% in another.

Not everyone has the luxury of choosing whether to rent or buy, given the difficulty many face in saving for a deposit and securing a mortgage.

But our list, based on the latest house price and rental cost data from the Office for National Statistics, shows where it is most economical to rent instead of buying.

In other Yorkshire property news, check out our list of the most expensive places in which to buy a house, per square metre.