The report was prepared by the website Trulia. The four expensive cities to purchase a home, in order, are NYC, Seattle and Kansas City, MO and San Francisco tied for third place.
"Trulia's study - which only took into consideration two-bedroom apartments, condominiums and townhouses - used a price-to-rent ratio to calculate its rankings.
Cities with a ratio of 21 or higher were deemed cheaper to rent than to buy.
The study found that San Francisco, with an estimated median home price of $763,000 and an annual rent cost of about $36,000, came in with a price-to-rent ratio of 21, as did Kansas City, Mo. Not surprisingly, New York had the most-expensive real estate and a price-to-rent ratio of 31."