Most people rent because they think it’s more affordable than owning a home—but in a huge number of metros in the United States, that’s just not true.
According to a recent study from LendingTree, the median mortgage payment is less than the median rent payment in 20 of the 50 largest metros in the US. That means that owning a home in one of these areas will actually save you money over renting. And in another 13 metros, the price difference between owning a home and renting is less than $100 per month—which means that while owning a home in these metros is more expensive, the difference in price isn’t significant, especially when you consider that homeownership is a long-term investment.
Median monthly rent payment: $1149
Median monthly mortgage payment: $1105
Difference between median monthly rent and median monthly mortgage payment: -$44
If you’ve been renting because you think it’s the more affordable option, it might be time to reevaluate. Homeownership may be more affordable than you think. And, in many areas, a mortgage might actually be less than your current rent payment, not to mention the equity you’d be billing and you wouldn’t be paying someone else’s mortgage anymore.
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