20 cities where mortgage payments are below rental

Most financial experts say that owning a home, not renting it, is a good way to make money.

Interestingly, LendingTree's personal finance site found in many desirable US cities, including Miami, Dallas, Denver and Las Vegas, that the average monthly mortgage payment in these suburbs is less than the average monthly rent.

Overall, the analysis showed that the average monthly mortgage payments in 20 of 50 in the considered metropolitan cities were lower than the rent. According to LendingTree, four of the top 10 are in Florida, where low wages and too low number of rental units are major factors in the "housing affordability crisis in Florida."

It is important to note that the LendingTree analysis did not take into account advance payments, which may create obstacles faced by novice homeowners. As reported by CNBC on the basis of the HotPads analysis in 2018, "an average tenant buying a house at an average price in America will need about 6,5 years to save on an 20-percent down payment."

If you are planning or want to buy a home, here are the suburbs of the United States that can boast lower average monthly mortgage payments than the average monthly rental payments, according to LendingTree:

10. Charlotte, North Carolina

Average rent: $ 1 121

Mortgage average: $ 1 037

The difference between rent and mortgage: $ 84

9. Riverside, California

Average rent: $ 1369

Average Mortgage Payment: $ 1280

The difference between rent and mortgage: $ 89

8. Jacksonville, FL

Average rent: $ 1140

Mortgage average: $ 1 048

The difference between rent and mortgage: $ 91

7. Washington DC

Average rent: $ 1819

Mortgage average: $ 1 727

The difference between rent and mortgage: $ 92

6. Las Vegas, NV

Average rent: $ 1 198

Mortgage average: $ 1 102

The difference between rent and mortgage: $ 96

5. Denver, CO

Average rent: $ 1 362

Mortgage average: $ 1 252

The difference between rent and mortgage: $ 110

4. Tampa, FL

Average rent: $ 1 192

Mortgage average: $ 1 072

The difference between rent and mortgage: $ 120

3. Virginia Beach, VA

Average rent: $ 1318

Mortgage average: $ 1163

The difference between rent and mortgage: $ 155

2. Orlando, FL

Average rent: $ 1 263

Mortgage average: $ 1 036

The difference between rent and mortgage: $ 227

1. Miami, FL

Average rent: $ 1 477

Mortgage average: $ 1215

The difference between rent and mortgage: $ 262

Other interesting cities with lower monthly average mortgage payments include Houston, Phoenix, Salt Lake City, Atlanta, San Antonio, Austin, Memphis and Dallas.

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