If you are currently looking for a house in the United States, you should know that it is better to rent than to buy one, according to Realtor. This rental report revealed that it is more affordable to choose this variant in the 50 largest metropolitan areas in the country.
Realtor.com economist Jiayi Xu commented on the special issue. “In all major housing markets, renting is cheaper than buying a first home.
It is important for first time buyers to ask: should I buy now or later? “This will give them a clearer idea of their financial costs.”
The analysis took into account asking rents for studios, one- and two-bedroom apartments, condominiums, townhouses and single-family homes.
Here are some of the reasons for the reduction in rental prices. For example, rent costs less now because more apartment buildings are being built. This causes housing costs to rise at a time when mortgage rates are high.
The cheapest real estate markets in the United States
Austin, Texas
Average monthly rent payment: $1,530
Monthly mortgage payment: $3,695
The difference between renting and buying: 141.5%
Seattle, Washington
Average monthly rent payment: $2,000 USD
Monthly mortgage payment: $4,422 USD
Difference between renting and buying: 121.1%
Phoenix, Arizona
Average monthly rent payment: $1,543 USD
Monthly mortgage payment: $3,071 USD
Difference between renting and buying: 99%
San Francisco, California
Average monthly rent payment: $2,815 USD
Monthly mortgage payment: $5,504 USD
Difference between renting and buying: 95.5%
Los Angeles California
Average monthly rent payment: $2,830 USD
Monthly mortgage payment: $5,369 USD
Difference between renting and buying: 89.7%
San Jose, California
Average monthly rent payment: $3,206 USD
Monthly mortgage payment: $5,986 USD
Difference between renting and buying: 86.7%
Nashville, Tennessee
Average monthly rent payment: $1,589 USD
Monthly mortgage payment: $2,955 USD
Difference between renting and buying: 86%
Portland, Oregon
Average monthly rent payment: $1,655 USD
Monthly mortgage payment: $3,051 USD
Difference between renting and buying: 84.4%
Sacramento, California
Average monthly rent payment: $1,845 USD
Monthly mortgage payment: $3,359 USD
Difference between renting and buying: 82.1%
Houston, Texas
Average monthly rent payment: $1,379 USD
Monthly mortgage payment: $2,482 USD
The difference between renting and buying: 80%.
