Are Bracers of Armor almost always inferior to Leather Armor?

[Blave]

Is there any reason to use Bracers of Armor over leather armor that I'm missing?

They provide the same bonus and neither option has any penalty once the leather armor is Expert Quality or better.

Bracers pull ahead by a single point of AC if your character is dex focused AND you reach level 20. They also have less Bulk (L instead of 1).

On the other hand, the leather armor is quite a bit cheaper and can hold property runes. It's also available/craftable one level earlier.

Especially if you have a crafter in the party, he could cover the whole party with just the armor potency rune formulas instead of learning the formulas for the runes AND the bracers.

So, other than requiring proficiency and higher Bulk, is there any downside to leather armor I'm missing? Well, and except stuff like Monk styles not working in Armor, obviously.

[Megistone]

Leather armor requires proficiency (or you get a -4), and can get in the way of some class abilities (like for Monks, as you said).

[Gloom]

I think they should let you enchant Bracers of Armor with property runes, or at the very least offer alternatives like robes or clothes that can be used in that way.

[Edge93]

I'd always assumed you could put property runes on Bracers. Maybe that's just me? I just assumed it to work as Handwraps of Mighty Fists in that regard.

That aside the only advantage leather armor has being a level lower.

But really, bracers of armor are meant for classes without armor proficiency or without the ability to use armor. I don't think leather armor has enough advantages to warrant spending a feat to get.