Top 15 cities where it is cheaper to buy a house than rent - ForumDaily
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Top 15 cities where it is cheaper to buy a house than rent

Having your own home is a big part of the American dream. Those who rent a home might think that buying a house is simply beyond our means.

Фото: Depositphotos

GOBankingRates I studied the real estate market of large cities across the country and found 31, where in fact housing is cheaper to buy than to rent. Below are the top 15 of them.

The average monthly rent in the US is $1 and the average mortgage payment is $477.

15. Anchorage, Alaska

  • Monthly rental: $ 1,817
  • Monthly mortgage payment: $ 1 708

Families pay housing an average of 109 less per month than tenants, although Anchorage has the fifth largest mortgage payment. If you plan to move to Anchorage to buy a home, make sure you have a job or resources to live on. The Alaska Department of Labor and Labor Development warns people not to move to Alaska without enough money to stay while they look for work.

14. Jacksonville, FL

  • Monthly rental: $ 1,259
  • Monthly mortgage payment: $ 1137

Jacksonville is the largest city in Florida by population. Jacksonville is located on the shores of the Atlantic Ocean, and the St. Johns River flows in its middle, attracting tourists to relax. Jacksonville's average home price is $ 219 000, and homeowners pay an average of $ 122 less per month than tenants.

13. Norfolk, Virginia

  • Monthly rental: $ 1292
  • Monthly mortgage payment: $ 1 142

The average home price in Norfolk is $ 220 000, making it one of the most popular cities on this list. If you pay a mortgage in Norfolk, you pay about $ 150 less per month than with a rent.

12. Milwaukee

  • Monthly rental: $ 1,051
  • Monthly mortgage payment: $ 890

Milwaukee has the fifth highest real estate price at $ 129 900, but the city also has the second largest real estate tax -2,56%. Regardless, you will still pay an average of 161 dollar less per month for housing if you own it and not rent it.

11. Columbia South Carolina

  • Monthly rental: $ 1,125
  • Monthly mortgage payment: $ 963

You can save $162 per month by buying a home in Columbia rather than renting. With a median home price of $189, you'll need $900 for a down payment—less than most cities in this study.

10. Buffalo, New York

  • Monthly rental: $ 942
  • Monthly mortgage payment: $ 776

In Buffalo, you'll spend an average of $166 less per month if you pay your mortgage instead of rent. This is despite the city having the highest property taxes of any on this list at 2,72%, as well as the fifth-lowest rents.

Фото: Depositphotos

9. Silver Spring, Maryland

  • Monthly rental: $ 2236
  • Monthly mortgage payment: $ 2,047

Despite the fourth largest rent and average price of a house at $ 425 000, renting in this city is more expensive than buying a house on a mortgage.

8. Indianapolis

  • Monthly rental: $ 1 139
  • Monthly mortgage payment: $ 943

Indianapolis homeowners can save an average of $ 196 per month compared to tenants.

7. Memphis, Tennessee

  • Monthly rental: $ 855
  • Monthly mortgage payment: $ 652

Even though Memphis has the second-highest average monthly rent, you'll still pay $203 more per month than buying. With the third-highest median home price at just $105, Memphis is a bargain for homeowners.

6. Aurora, Colorado

  • Monthly rent: $1 910
  • Monthly mortgage payment: $ 1706

Aurora has the fifth-highest rent of any city on this list, and the average monthly rent is $204 higher than the average monthly mortgage. The city has the fifth-highest median home price at $365, but thanks to a 000% property tax rate—the second-highest of any city on the list—it doesn't rank in the top five for highest mortgage payments.

Фото: Depositphotos

5. Toledo Ohio

  • Monthly rental: $ 795
  • Monthly mortgage payment: $ 583

Toledo has the lowest average rent among all cities, but even with cheap rent, you better buy a house. The city boasts the second lowest average home price at 84 900 $.

4. St. Paul, MN

  • Monthly rental: $ 1 494
  • Monthly mortgage payment: $ 1268

In St. Paul, homeowners pay an average of $ 226 less than tenants. This city is especially attractive for young buyers, as the average age is 33 years, and 40% of the inhabitants are not married.

3. Santa Ana California

  • Monthly rental: $ 2731
  • Monthly mortgage payment: $ 2484

Even with the second-highest average home price of $ 544 444, you will still save $ 247 per month if you buy your home.

2. Cleveland

  • Monthly rental: $ 857
  • Monthly mortgage payment: $ 579

The average mortgage is $ 278 per month less than the average rent. Cleveland also has the lowest average home price at $ 79 900, which means that for a down payment you only need $ 15 980.

1. Baltimore

  • Monthly rental: $ 1 286
  • Monthly mortgage payment: $ 978

In Baltimore, you will save an average of $ 308 per month if you buy a house and not rent it. This saves you $ 3696 per year and $ 110 880 for your 30-year mortgage. In Baltimore, it’s worth buying, not renting.

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