In the 50 largest U.S. metro areas, renting is cheaper than owning a home, at least if you have a mortgage. 

That’s according to a new LendingTree analysis that used U.S. Census Bureau data to compare monthly rental and housing payments for homes with and without mortgages in those metros.

The study found that if you’re still paying off your mortgage, renting is likely cheaper than owning in each of these areas. The average difference between median gross rent and median housing costs for homes with a mortgage is $564 a month.

“If home prices do come down in 2023, as they appeared poised to do in many parts of the country, that doesn’t necessarily mean that rent prices will fall in the same way,” said LendingTree’s Senior Economist and report author Jacob Channel. “While home purchase and rent ultimately tend to trend in the same direction over the long term, they don’t have a one-to-one relationship. As a result, we could continue to see inflated rent prices in some areas, even as home prices decrease.” 

San Jose, Calif., New York and San Francisco are the metros where the spread in costs between renting and owning a home with a mortgage is widest, the data showed. In these metros, median monthly gross rent is an average of $1,262 less than the median monthly housing costs for a home with a mortgage. 

Orlando, Fla., Phoenix and Jacksonville, Fla., are the metros where the gap between renting and owning a home with a mortgage is the narrowest. In these metros, the median gross rent costs are an average of $252 less than the median monthly housing costs for homes with a mortgage. 

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