Behind only Las Vegas and Detroit, Mesa leads other large cities in the U.S. as a city where renting actually costs more than purchasing.

In a recent (August 2011) study conducted by Trulia,Mesa ranks #3 in the country as a place where it is cheaper to buy than to rent. By comparing the median rent for two-bedroom apartments, condos, and townhomes with the median listing price for similar properties, residents save money by purchasing a home instead of renting.

CNN Money attributes the phenomenon to a blend of lower purchase prices in the current market and the increase in demand for rental units. An added piece of the pie is the historically low interest rates available. As of August 29, the average rate for a 30-year fixed mortgage was 4.19%, with a 15% note averaging 3.43%, according to Bankrate.com.

You can see an interactive graph of Trulia’s data including their study on Mesa real estate by visiting http://insights.truliablog.com/vis/rent-vs-buy-q3/.