Ten US cities where buying a home is cheaper than renting
According to the website Zillow, in most major metropolitan areas in the United States, the typical cost of rent exceeds the typical cost of a monthly mortgage payment—giving homeowners the opportunity to rent out their properties in these areas. The publication told in more detail Fox Business.
The company said it did the tally and found that typical rent payments exceed mortgage payments in 33 of the country's 50 largest metro-areas, with the largest gap being in Memphis, Tennessee, followed by Miami and Atlanta. Southern cities dominated the top ten, but several Midwest metropolitan areas also made it into the ranking.
Zillow also pointed to a recent study by the Pew Research Center, which found that seven out of 10 rental properties in the United States are owned by individuals and that these people usually own only one or two properties.
Zillow also said its data show that while US rent growth has slowed sharply since the COVID-19 pandemic began, it rebounded quickly in 2021, with rents rising annually in July, according to Zillow.
On the subject: How much does it cost to rent housing in different parts of the United States: data by state
Top 10 cities where rents exceed mortgages
1. Memphis (Tennessee)
- Typical monthly rent: $ 1
- Typical monthly mortgage: $ 948
- Difference: $ 556
- Rating by size: 41
2. Miami (Florida)
- Typical monthly rent: $ 2
- Typical monthly mortgage: $ 1
- Difference: $ 522
- Rating by size: 8
3. Atlanta (Georgia)
- Typical monthly rent: $ 1
- Typical monthly mortgage: $ 1
- Difference: $ 424
- Rating by size: 9
4. Birmingham (Alabama)
- Typical monthly rent: $ 1
- Typical monthly mortgage: $ 868
- Difference: $ 403
- Rating by size: 49
5. Tampa (Florida)
- Typical monthly rent: $ 1
- Typical monthly mortgage: $ 1
- Difference: $ 384
- Rating by size: 19
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6. Indianapolis (Indiana)
- Typical monthly rent: $ 1
- Typical monthly mortgage: $ 1
- Difference: $ 331
- Rating by size: 33
7. Orlando (Florida)
- Typical monthly rent: $ 1
- Typical monthly mortgage: $ 1
- Difference: $ 314
- Rating by size: 27
8. Charlotte (North Carolina)
- Typical monthly rent: $ 1
- Typical monthly mortgage: $ 1
- Difference: $ 290
- Rating by size: 24
9. Oklahoma City (Oklahoma)
- Typical monthly rent: $ 1
- Typical monthly mortgage: $ 931
- Difference: $ 279
- Rating by size: 42
10. Detroit (Michigan)
- Typical monthly rent: $ 1
- Typical monthly mortgage: $ 1
- Difference: $ 268
- Rating by size: 12
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