Average rents in the U.S. are around $1,979 per month, whereas the typical mortgage is just over $2,700.
The idea of working hard, saving up and buying a home has always been an integral part of the American dream.In the current housing market however, renting might be the more financially prudent move.A new study from Bankrate has revealed that in all 50 of the largest U.S. metros it is cheaper to rent than to buy.The study, which was based on an analysis of Zillow and Redfin housing data, found the cost of owning a house to be 37 percent higher than renting per month.
Metro areas in Austin, Salt Lake City, Seattle, San Jose and San Francisco had some of the highest buy-to-rent ratios, according to the study, with ratios between 86.5 percent and 180.7 percent.
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