{"id":76234,"date":"2023-05-19T10:00:55","date_gmt":"2023-05-19T17:00:55","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=76234"},"modified":"2023-06-23T08:45:15","modified_gmt":"2023-06-23T15:45:15","slug":"rent-vs-own-2023","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/rent-vs-own-2023\/","title":{"rendered":"There Are Only Four Major U.S. Metro Areas Where It\u2019s Cheaper to Buy a Home Than Rent"},"content":{"rendered":"<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><strong><i>Buying is more affordable than renting in Detroit, Philadelphia, Cleveland and Houston.<\/i><\/strong><\/li>\n<\/ul>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><strong><i>The largest homeownership premium is in the Bay Area, where it\u2019s twice as expensive to buy than rent.<\/i><\/strong><\/li>\n<\/ul>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><strong><i>Nationwide, the typical home costs an estimated 25% more per month to own than rent.\u00a0<\/i><\/strong><\/li>\n<\/ul>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><strong><i>A drop in mortgage rates would cause the homeownership premium to shrink. If rates fell to 5%, buying the typical home would only cost an estimated 10% more than renting it.<\/i><\/strong><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">There are just four major U.S. metropolitan areas where it would be cheaper to buy than rent the typical home\u2014that is, the typical home has an estimated monthly mortgage cost lower than its estimated monthly rental cost.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In <a href=\"https:\/\/www.redfin.com\/city\/5665\/MI\/Detroit\">Detroit<\/a>, the typical home is 24% less expensive to buy than rent\u2014the largest discount in percentage terms among the 50 most populous metros. The median estimated monthly mortgage payment for homebuyers is $1,296, compared with a median estimated monthly rent of $1,697. Next comes <a href=\"https:\/\/www.redfin.com\/city\/15502\/PA\/Philadelphia\">Philadelphia<\/a> (7% ownership discount), followed by <a href=\"https:\/\/www.redfin.com\/city\/4145\/OH\/Cleveland\">Cleveland<\/a> (4% discount) and <a href=\"https:\/\/www.redfin.com\/city\/8903\/TX\/Houston\">Houston<\/a> (1% discount).<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Nationwide, the typical home costs 25% <\/span><i><span style=\"font-weight: 400;\">more<\/span><\/i><span style=\"font-weight: 400;\"> to buy than rent.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone size-large wp-image-76235\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/05\/ownership_premium_metro_variation-1-939x1024.png\" alt=\"\" width=\"939\" height=\"1024\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/05\/ownership_premium_metro_variation-1-939x1024.png 939w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/05\/ownership_premium_metro_variation-1-275x300.png 275w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/05\/ownership_premium_metro_variation-1-768x838.png 768w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/05\/ownership_premium_metro_variation-1.png 1200w\" sizes=\"(max-width: 939px) 100vw, 939px\" \/><\/span><\/p>\n<p><span style=\"font-weight: 400;\">That\u2019s according to a Redfin analysis of U.S. single-family homes, condos\/co-ops and townhouses in the 50 most populous U.S. metros. We estimated what a homebuyer\u2019s monthly housing payment would be on those properties using the <\/span><a href=\"https:\/\/www.redfin.com\/redfin-estimate\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Redfin Estimate<\/span><\/a><span style=\"font-weight: 400;\"> of the homes\u2019 value in March and a 6.5% mortgage interest rate\u2014the average rate in March. We estimated what the monthly rent would be on those same homes using the <\/span><a href=\"https:\/\/www.redfin.com\/rental-estimate\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Redfin Rental Estimate<\/span><\/a><span style=\"font-weight: 400;\">. When estimating monthly housing payments, we assumed a 5% down payment, homeowner\u2019s insurance rate equal to 0.5% of the purchase price, and 1.25% annual property-tax rate if no tax records were available. This analysis includes homes that were for sale and rent in March, as well as those that were off the market. Historical Redfin data is not available at this time.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cBuying a home often makes more financial sense than renting if you can afford a down payment and monthly mortgage because you\u2019re building equity. W<\/span><span style=\"font-weight: 400;\">hen you own your home, your home pays you; when you rent, you and your home pay your landlord,\u201d <\/span><span style=\"font-weight: 400;\">said Redfin Deputy Chief Economist <\/span><a href=\"https:\/\/www.redfin.com\/news\/author\/taylormarr\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Taylor Marr<\/span><\/a><span style=\"font-weight: 400;\">. \u201cBut buying isn\u2019t a feasible option for everyone. Some people move around a lot, so renting might make more sense because they won\u2019t be in their home long enough to build equity. Many others simply don\u2019t have the money for a down payment\u2014a situation that has become increasingly common due to rising mortgage rates and elevated home prices.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In Detroit, Philadelphia, Cleveland and Houston, it\u2019s cheaper to buy a house than rent one because home values in those areas have stagnated relative to the country as a whole. When house hunters can\u2019t build a lot of equity, they have less of an incentive to pay a premium to own, Marr said.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">It\u2019s a double-edged sword, though; home values in Cleveland and Detroit are stagnant compared to pandemic boomtowns like <a href=\"https:\/\/www.redfin.com\/city\/14240\/AZ\/Phoenix\">Phoenix<\/a> and <a href=\"https:\/\/www.redfin.com\/city\/11458\/FL\/Miami\">Miami<\/a>, so they don\u2019t experience huge booms, but that also means they don\u2019t experience the huge busts that are currently underway in much of the U.S. When more people can afford to buy homes\u2014even if they\u2019re not building a ton of equity\u2014there is also more wealth equality, Marr added.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"><img decoding=\"async\" class=\"alignnone size-large wp-image-76237\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/05\/shiller-1024x708.png\" alt=\"\" width=\"1024\" height=\"708\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/05\/shiller-1024x708.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/05\/shiller-300x207.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/05\/shiller-768x531.png 768w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/05\/shiller.png 1300w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/span><\/p>\n<p><span style=\"font-weight: 400;\">In Detroit, 80% of properties are cheaper to buy than rent\u2014the highest share in the U.S. Next comes Philadelphia (59%), followed by Cleveland (57%) and Houston (52%). That compares with a nationwide share of 19%.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Mortgage Rates Would Have to Fall Significantly for Owning to Become Cheaper Than Renting Across the U.S.<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Detroit, Philadelphia, Cleveland and Houston are outliers. For homebuying to become cheaper than renting in other parts of the country, mortgage rates would need to fall substantially.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If the 30-year-fixed mortgage rate dropped to 5%, the median estimated monthly mortgage payment for homebuyers would be $2,993, or 10% higher than the $2,716 median estimated monthly rent. That\u2019s significantly lower than today\u2019s 25% homeownership premium, with an estimated monthly mortgage payment of $3,385 and an estimated rent of $2,715.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If rates dipped to 4%, the estimated premium would shrink to 1%. And if they fell back down to 3%, it would actually be 7% cheaper to own<\/span><i><span style=\"font-weight: 400;\">. <\/span><\/i><span style=\"font-weight: 400;\">Please note that these calculations use estimated home values from March and prices and rents could change significantly if mortgage rates fall.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Mortgage rates will likely fall below 6% by the end of the year as the Federal Reserve makes progress in its fight against inflation, but they\u2019re unlikely to return to 3% levels anytime soon, Marr said. A national <\/span><a href=\"https:\/\/www.fanniemae.com\/research-and-insights\/surveys-indices\/national-housing-survey\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">survey<\/span><\/a><span style=\"font-weight: 400;\"> by Fannie Mae found that 22% of consumers surveyed in April think mortgage rates will fall, up from 12% the prior month.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">&#8220;I wouldn&#8217;t encourage people to squeeze their budgets in order to buy a home when prices are <\/span><a href=\"https:\/\/www.redfin.com\/news\/housing-market-tracker-march-2023\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">falling<\/span><\/a><span style=\"font-weight: 400;\"> and we&#8217;re teetering on a recession,\u201d Marr said. \u201cIn the years leading up to the pandemic, it made sense for some homebuyers to break the rule that says not to spend more than 30% of your income on monthly housing costs, but these times are more risky, so it makes sense to be a little more conservative.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">While renters don\u2019t build home equity, they do avoid the high costs that come with maintaining and selling a home. Some renters may also choose to invest the money they\u2019re not putting toward homeownership into other lucrative asset classes.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"><img decoding=\"async\" class=\"alignnone size-large wp-image-76238\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/05\/rate-chart-1024x708.png\" alt=\"\" width=\"1024\" height=\"708\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/05\/rate-chart-1024x708.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/05\/rate-chart-300x207.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/05\/rate-chart-768x531.png 768w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/05\/rate-chart.png 1300w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/span><\/p>\n<h3><span style=\"font-weight: 400;\">In the Bay Area, Buying a Home Is More Than Twice as Costly as Renting<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">In <a href=\"https:\/\/www.redfin.com\/city\/17420\/CA\/San-Jose\">San Jose, CA<\/a> the typical home is 165% more expensive to buy than rent\u2014the largest premium in percentage terms among the 50 most populous metros. The median estimated monthly mortgage payment for homebuyers is $11,049, compared with a median estimated monthly rent of $4,176.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Next comes <a href=\"https:\/\/www.redfin.com\/city\/17151\/CA\/San-Francisco\">San Francisco<\/a> (139% ownership premium), <a href=\"https:\/\/www.redfin.com\/city\/13654\/CA\/Oakland\">Oakland, CA<\/a> (99% premium), <a href=\"https:\/\/www.redfin.com\/city\/517\/CA\/Anaheim\">Anaheim, CA<\/a> (91% premium) and <a href=\"https:\/\/www.redfin.com\/city\/16163\/WA\/Seattle\">Seattle<\/a> (88% premium).<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In the aforementioned metros, 0% of homes are cheaper to buy than rent.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Homebuying is more expensive than renting in most of the country because it comes with perks: wealth building opportunities, fixed monthly costs and tax benefits, to name a few. The premium is highest on the West Coast because that\u2019s where homebuyers expect the wealth building potential to be largest based on historical evidence, Marr explained.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The rise in mortgage rates over the last year has increased the homeownership premium to the <\/span><a href=\"https:\/\/www.nmhc.org\/research-insight\/research-notes\/2023\/putting-rent-increases-into-perspective\/#notes\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">highest<\/span><\/a><span style=\"font-weight: 400;\"> level since the 2006 housing bubble and widened the gap between buyers and renters by pushing homeownership further out of reach for many people. Nowhere is the housing affordability crisis more severe than in pricey coastal markets like the Bay Area and Seattle, where a jump in mortgage rates can mean a homebuyer\u2019s monthly payment goes up by thousands of dollars.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The upside is that <\/span><i><span style=\"font-weight: 400;\">because<\/span><\/i><span style=\"font-weight: 400;\"> those markets have become so prohibitively expensive\u2014partly due to rising mortgage rates and partly due to the surge in home prices during the pandemic\u2014they\u2019re now seeing home prices come down faster than nearly anywhere else in the U.S. Median sale prices in San Jose and Oakland dropped roughly 10% year over year in March, <\/span><a href=\"https:\/\/www.redfin.com\/news\/housing-market-tracker-march-2023\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">triple<\/span><\/a><span style=\"font-weight: 400;\"> the nationwide decline. Rents have also been <\/span><a href=\"https:\/\/www.redfin.com\/news\/redfin-rental-report-april-2023\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">falling<\/span><\/a><span style=\"font-weight: 400;\"> in some pricey coastal markets, but at a slower pace than home prices.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">In Pandemic Boomtowns, Virtually No Homes Are Cheaper to Buy Than Rent<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">It probably doesn\u2019t come as a surprise that there are virtually no homes in the Bay Area that are cheaper to buy than rent. But that\u2019s now also the case in <a href=\"https:\/\/www.redfin.com\/city\/16409\/CA\/Sacramento\">Sacramento, CA<\/a>, <a href=\"https:\/\/www.redfin.com\/city\/10201\/NV\/Las-Vegas\">Las Vegas<\/a>, <a href=\"https:\/\/www.redfin.com\/city\/14240\/AZ\/Phoenix\">Phoenix<\/a> and <a href=\"https:\/\/www.redfin.com\/city\/30818\/TX\/Austin\">Austin, TX<\/a>\u2014metros that not long ago were fairly affordable. They exploded in popularity\u2014and price\u2014when scores of remote workers moved in during the pandemic.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In Sacramento and Las Vegas, less than 1% of homes are cheaper to buy than rent. In Phoenix, the share is 1%, and in Austin, it\u2019s 5%. All four metropolitan areas ranked on Redfin\u2019s list of most popular migration destinations during the pandemic.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cHousing affordability is an issue in Las Vegas. D<\/span><span style=\"font-weight: 400;\">uring the pandemic homebuying boom, we had a lot of people moving in from high-priced coastal areas. That caused home prices to soar faster than wages, creating a disadvantage for locals looking to buy,&#8221; <\/span><span style=\"font-weight: 400;\">said local <\/span><a href=\"https:\/\/www.redfin.com\/premier\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Redfin Premier<\/span><\/a><span style=\"font-weight: 400;\"> real estate agent<\/span><a href=\"https:\/\/www.redfin.com\/real-estate-agents\/shay-stein\" target=\"_blank\" rel=\"noopener\"> <span style=\"font-weight: 400;\">Shay Stein<\/span><\/a><span style=\"font-weight: 400;\">. \u201cThe good news is that because the market has slowed, sellers are willing to accept offers from buyers who use FHA loans and down-payment assistance programs, and some are even throwing in money to help with mortgage-rate<\/span><a href=\"https:\/\/www.redfin.com\/blog\/what-is-a-mortgage-buydown\/\" target=\"_blank\" rel=\"noopener\"> <span style=\"font-weight: 400;\">buydowns<\/span><\/a><span style=\"font-weight: 400;\">. All of that was unheard of during the 2021 homebuying frenzy.\u201d<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">\u200b\u200bMetro-Level Summary: March 2023, 50 Most Populous U.S. Metros<\/span><\/h3>\n<table>\n<tbody>\n<tr>\n<td><b>U.S. Metro Area<\/b><\/td>\n<td><b>Estimated Median Monthly Mortgage Cost<\/b><\/td>\n<td><b>Estimated Median Monthly Rent\u00a0<\/b><\/td>\n<td><b>Premium (%) of Estimated Monthly Mortgage Cost to Rent<\/b><\/td>\n<td><b>Premium ($) of Estimated Monthly Mortgage Cost to Rent<\/b><\/td>\n<td><b>Share of Properties With Estimated Monthly Mortgage Cost Lower Than Rent<\/b><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Anaheim, CA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$7,892<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$4,122<\/span><\/td>\n<td><span style=\"font-weight: 400;\">91.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$3,771<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.0%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Atlanta, GA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2,826<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2,463<\/span><\/td>\n<td><span style=\"font-weight: 400;\">14.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$363<\/span><\/td>\n<td><span style=\"font-weight: 400;\">18.9%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Austin, TX<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$3,801<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2,951<\/span><\/td>\n<td><span style=\"font-weight: 400;\">28.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$850<\/span><\/td>\n<td><span style=\"font-weight: 400;\">5.1%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Baltimore, MD<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2,820<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2,397<\/span><\/td>\n<td><span style=\"font-weight: 400;\">17.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$423<\/span><\/td>\n<td><span style=\"font-weight: 400;\">24.5%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Boston, MA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$4,916<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$3,344<\/span><\/td>\n<td><span style=\"font-weight: 400;\">47.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,573<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.8%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Charlotte, NC<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2,808<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2,161<\/span><\/td>\n<td><span style=\"font-weight: 400;\">29.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$646<\/span><\/td>\n<td><span style=\"font-weight: 400;\">6.4%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Chicago, IL<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2,436<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2,307<\/span><\/td>\n<td><span style=\"font-weight: 400;\">5.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$129<\/span><\/td>\n<td><span style=\"font-weight: 400;\">39.4%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Cincinnati, OH<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2,030<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,910<\/span><\/td>\n<td><span style=\"font-weight: 400;\">6.2%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$119<\/span><\/td>\n<td><span style=\"font-weight: 400;\">39.6%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Cleveland, OH<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,730<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,800<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-3.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-$71<\/span><\/td>\n<td><span style=\"font-weight: 400;\">56.8%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Columbus, OH<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2,327<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2,061<\/span><\/td>\n<td><span style=\"font-weight: 400;\">12.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$266<\/span><\/td>\n<td><span style=\"font-weight: 400;\">28.3%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Dallas, TX<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$3,076<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2,682<\/span><\/td>\n<td><span style=\"font-weight: 400;\">14.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$394<\/span><\/td>\n<td><span style=\"font-weight: 400;\">21.2%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Denver, CO<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$4,505<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2,843<\/span><\/td>\n<td><span style=\"font-weight: 400;\">58.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,663<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.1%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Detroit, MI<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,296<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,697<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-23.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-$401<\/span><\/td>\n<td><span style=\"font-weight: 400;\">79.9%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Fort Lauderdale, FL<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$3,321<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$3,169<\/span><\/td>\n<td><span style=\"font-weight: 400;\">4.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$152<\/span><\/td>\n<td><span style=\"font-weight: 400;\">38.5%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Fort Worth, TX<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2,542<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2,400<\/span><\/td>\n<td><span style=\"font-weight: 400;\">5.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$142<\/span><\/td>\n<td><span style=\"font-weight: 400;\">32.0%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Houston, TX<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2,343<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2,371<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-1.2%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-$28<\/span><\/td>\n<td><span style=\"font-weight: 400;\">52.4%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Indianapolis, IN<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2,134<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,861<\/span><\/td>\n<td><span style=\"font-weight: 400;\">14.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$273<\/span><\/td>\n<td><span style=\"font-weight: 400;\">24.7%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Jacksonville, FL<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2,761<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2,378<\/span><\/td>\n<td><span style=\"font-weight: 400;\">16.1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$383<\/span><\/td>\n<td><span style=\"font-weight: 400;\">18.8%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Kansas City, MO<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2,188<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,996<\/span><\/td>\n<td><span style=\"font-weight: 400;\">9.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$192<\/span><\/td>\n<td><span style=\"font-weight: 400;\">32.2%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Las Vegas, NV<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$3,134<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2,318<\/span><\/td>\n<td><span style=\"font-weight: 400;\">35.2%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$816<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.6%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Los Angeles, CA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$6,454<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$3,612<\/span><\/td>\n<td><span style=\"font-weight: 400;\">78.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2,842<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.0%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Miami, FL<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$3,931<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$3,291<\/span><\/td>\n<td><span style=\"font-weight: 400;\">19.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$640<\/span><\/td>\n<td><span style=\"font-weight: 400;\">11.6%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Milwaukee, WI<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2,332<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,870<\/span><\/td>\n<td><span style=\"font-weight: 400;\">24.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$461<\/span><\/td>\n<td><span style=\"font-weight: 400;\">22.2%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Minneapolis, MN<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2,852<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2,381<\/span><\/td>\n<td><span style=\"font-weight: 400;\">19.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$471<\/span><\/td>\n<td><span style=\"font-weight: 400;\">10.0%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Montgomery County, PA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$3,601<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2,954<\/span><\/td>\n<td><span style=\"font-weight: 400;\">21.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$647<\/span><\/td>\n<td><span style=\"font-weight: 400;\">9.7%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Nashville, TN<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$3,398<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2,423<\/span><\/td>\n<td><span style=\"font-weight: 400;\">40.2%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$975<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.7%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Nassau County, NY<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$5,112<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$4,272<\/span><\/td>\n<td><span style=\"font-weight: 400;\">19.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$839<\/span><\/td>\n<td><span style=\"font-weight: 400;\">11.7%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">New Brunswick, NJ<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$3,968<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$3,338<\/span><\/td>\n<td><span style=\"font-weight: 400;\">18.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$630<\/span><\/td>\n<td><span style=\"font-weight: 400;\">19.8%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">New York, NY<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$5,304<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$3,867<\/span><\/td>\n<td><span style=\"font-weight: 400;\">37.2%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,438<\/span><\/td>\n<td><span style=\"font-weight: 400;\">9.0%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Newark, NJ<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$3,972<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$3,286<\/span><\/td>\n<td><span style=\"font-weight: 400;\">20.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$686<\/span><\/td>\n<td><span style=\"font-weight: 400;\">16.1%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Oakland, CA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$7,376<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$3,700<\/span><\/td>\n<td><span style=\"font-weight: 400;\">99.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$3,676<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.0%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Orlando, FL<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2,966<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2,566<\/span><\/td>\n<td><span style=\"font-weight: 400;\">15.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$400<\/span><\/td>\n<td><span style=\"font-weight: 400;\">12.5%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Philadelphia, PA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,869<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-6.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-$131<\/span><\/td>\n<td><span style=\"font-weight: 400;\">59.3%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Phoenix, AZ<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$3,464<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2,765<\/span><\/td>\n<td><span style=\"font-weight: 400;\">25.3%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$699<\/span><\/td>\n<td><span style=\"font-weight: 400;\">1.4%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Pittsburgh, PA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,648<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,619<\/span><\/td>\n<td><span style=\"font-weight: 400;\">1.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$29<\/span><\/td>\n<td><span style=\"font-weight: 400;\">47.6%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Portland, OR<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$4,107<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2,672<\/span><\/td>\n<td><span style=\"font-weight: 400;\">53.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,435<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.1%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Providence, RI<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$3,321<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2,674<\/span><\/td>\n<td><span style=\"font-weight: 400;\">24.2%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$647<\/span><\/td>\n<td><span style=\"font-weight: 400;\">8.6%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Riverside, CA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$4,320<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2,992<\/span><\/td>\n<td><span style=\"font-weight: 400;\">44.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,329<\/span><\/td>\n<td><span style=\"font-weight: 400;\">2.4%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Sacramento, CA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$4,137<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2,695<\/span><\/td>\n<td><span style=\"font-weight: 400;\">53.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,442<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.0%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">San Antonio, TX<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2,188<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2,086<\/span><\/td>\n<td><span style=\"font-weight: 400;\">4.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$102<\/span><\/td>\n<td><span style=\"font-weight: 400;\">38.0%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">San Diego, CA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$6,704<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$3,940<\/span><\/td>\n<td><span style=\"font-weight: 400;\">70.2%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2,764<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.1%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">San Francisco, CA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$10,892<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$4,552<\/span><\/td>\n<td><span style=\"font-weight: 400;\">139.3%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$6,340<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.0%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">San Jose, CA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$11,049<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$4,176<\/span><\/td>\n<td><span style=\"font-weight: 400;\">164.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$6,873<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.0%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Seattle, WA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$6,040<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$3,208<\/span><\/td>\n<td><span style=\"font-weight: 400;\">88.3%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2,832<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.0%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">St. Louis, MO<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2,044<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,880<\/span><\/td>\n<td><span style=\"font-weight: 400;\">8.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$164<\/span><\/td>\n<td><span style=\"font-weight: 400;\">37.9%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Tampa, FL<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2,915<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2,569<\/span><\/td>\n<td><span style=\"font-weight: 400;\">13.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$346<\/span><\/td>\n<td><span style=\"font-weight: 400;\">21.7%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Virginia Beach, VA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2,561<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2,107<\/span><\/td>\n<td><span style=\"font-weight: 400;\">21.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$453<\/span><\/td>\n<td><span style=\"font-weight: 400;\">11.3%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Warren, MI<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2,333<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2,177<\/span><\/td>\n<td><span style=\"font-weight: 400;\">7.2%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$156<\/span><\/td>\n<td><span style=\"font-weight: 400;\">37.2%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Washington, D.C.<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$4,234<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2,858<\/span><\/td>\n<td><span style=\"font-weight: 400;\">48.2%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,376<\/span><\/td>\n<td><span style=\"font-weight: 400;\">2.1%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">West Palm Beach, FL<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$3,838<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$3,771<\/span><\/td>\n<td><span style=\"font-weight: 400;\">1.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$68<\/span><\/td>\n<td><span style=\"font-weight: 400;\">46.0%<\/span><\/td>\n<\/tr>\n<tr>\n<td><b>National\u2014U.S.A.<\/b><\/td>\n<td><b>$3,385<\/b><\/td>\n<td><b>$2,715<\/b><\/td>\n<td><b>24.7%<\/b><\/td>\n<td><b>$670<\/b><\/td>\n<td><b>19.0%<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Buying is more affordable than renting in Detroit, Philadelphia, Cleveland and Houston. The largest homeownership premium is in the Bay Area, where it\u2019s twice as expensive to buy than rent. Nationwide, the typical home costs an estimated 25% more per month to own than rent.\u00a0 A drop in mortgage rates would cause the homeownership premium [&hellip;]<\/p>\n","protected":false},"author":13346,"featured_media":76239,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"default","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center 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center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[27,8],"tags":[20,562,88],"dashboard":[],"coauthors":[125,93],"class_list":["post-76234","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-affordability","category-housing-market-news","tag-housing-affordability","tag-rental-report","tag-renting"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.7 (Yoast SEO v27.7) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>It\u2019s Cheaper to Buy a Home Than Rent In These 4 Major U.S. Metros<\/title>\n<meta name=\"description\" content=\"The typical home costs an estimated 25% more to own than rent, but buying is more affordable in Detroit, Philadelphia, Cleveland and Houston.\" \/>\n<meta name=\"robots\" content=\"index, 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