Owning A Home Is Cheaper Than Renting In These U.S. Cities

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The U.S. housing market is still unaffordable for many Americans, but it turns out, there are a few cities where owning a home is actually cheaper than renting. A new report by Zoocasa reveals these 12 U.S. cities, which are spread across the country.

  • The real estate listing site analyzed market data for 111 markets across the U.S., comparing monthly rental prices and mortgage payments for the median single-family home in each market.
  • Zoocasa used Zumper’s June Rental Report for the average two-bedroom rental prices and calculated mortgage payments using an 8% down payment, 30-year mortgage at a 6.78% fixed rate.
  • The city with the largest gap between monthly rent and mortgage payments is New York City, at $781, but NYC also has one of the highest average rents and mortgage payments in the country.
  • Chicago has the second-biggest difference between monthly rent and mortgage payments, at $609.
  • The average two-bedroom rent in the Windy City is $27-hundred and the average monthly mortgage payment is $2,091.

The U.S. Cities Where Owning Is Cheaper Than Renting

(and the price difference between average monthly rent and mortgage payments)

  1. New York, New York $781
  2. Chicago, Illinois $609
  3. Pittsburgh, Pennsylvania $310
  4. Syracuse, New York $310
  5. Peoria, Illinois $289
  6. Rochester, New York $229
  7. Cleveland, Ohio $101
  8. Miami, Florida $109
  9. Charleston, South Carolina $78
  10. Buffalo, New York $75
  11. South Bend, Indiana $55
  12. New Orleans, Louisiana $48

Read the story at Newsweek

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