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Report: Buying is cheaper than renting in D.C.

The difference in cost is over 35 percent

Unless interest rates skyrocket to 8.6 percent, buying makes more financial sense than renting in Washington, D.C. According to a new report from Trulia, it is 36.4 percent cheaper to buy rather than rent in the District. On a national level, it is 37.7 percent cheaper nationally to buy than rent a home.

According to UrbanTurf, Trulia calculated this number by assuming a 20 percent down payment on a 30-year, fixed-rate mortgage financed with a 3.5 percent interest rate. Additionally, Trulia assumes that a homeowner will live in the purchased or rented home for at least seven years.

For a closer look at the report, check it out on Trulia here.