Interpreting the rent ratio. Art Patton has equally attractive job offers in Miami and Los Angeles. The rent ratios in the cities are 8 and 20, respectively. Art would really like to buy rather than...

Interpreting the rent ratio. Art Patton has equally attractive job offers in Miami and Los Angeles. The rent ratios in the cities are 8 and 20, respectively. Art would really like to buy rather than rent a home after he moves. Explain how to interpret the rent ratio and what it tells Art about the relative attractiveness of moving to Miami rather than Los Angeles, given his stated goal.