You can let your city dictate your direction, or pick a city and pick a path.
recently did a deep dive to figure out which of the US's 50 biggest metropolitan areas are cheaper to buy a house in than to rent a home in and found that was the case in just four cities. Here's what they found.It's cheaper to buy in Cleveland, Ohio, where 56.8% of properties have estimated monthly mortgage costs lower than rent prices.It's also cheaper to buy in Detroit, Michigan, where rent prices are almost 25% higher than mortgage prices on average.
You could rent or buy depending on your situation in Cincinnati, Ohio, where the difference is $120 a month between the two, on average.It's also less than a $200 difference each month in Kansas City, Missouri.That difference can be as little as $29 in Pittsburgh, Pennsylvania, depending on what you need.And it's just over $100 per month between renting and buying in San Antonio, Texas.There are still a lot of cities where renting is the clear choice .
The trend in the Bay Area sustains renting is way cheaper than buying, as seen San Jose, where it's as much as 165% more expensive to buy than rent — the largest percentage premium of all 50 cities studied.It's 139% more expensive on a monthly basis to buy instead of renting in San Francisco, California.It's cheaper by nearly 100% monthly to rent in Oakland, California, despite home prices starting to come back down this year.
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