In this article by Morgan Brennan for Forbes.com, he states that:
“With a low rental vacancy rate of 4.5%, average rent in New Haven is up $57 over last year to $1,504 per month, exceeded only by notoriously pricey markets like New York City, San Franciscoand Boston. It would actually be cheaper for residents of the Elm City to buy: The median price of a single- family home is $223,672; at 10% down with a 30-year mortgage at 4.9%, that would translate into monthly mortgage payments of $1,435 per month, $69 less than the average rent.”
However, you cannot currently obtain a mortgage (conventional 30-year fixed) for only 10% down. If you can, please point me to the bank that will issue such a loan. If you only put 10% down, you need PMI, which would add at least $150 more per month.
Here’s the article: http://realestate.yahoo.com/promo/best-and-worst-cities-for-renters.html