31 is a city in the USA where it is cheaper to buy a house than to rent
Owning your own home is an important part of the American dream. However, many people choose to rent a home, believing that they cannot afford to buy.
But edition GOBankingRates has compiled a list of US cities where buying a home will be cheaper than renting.
The reporters calculated the average cost of a mortgage—using the average home price, a 20% down payment, a 30-year fixed mortgage at 3,82%, local property taxes and homeowner's insurance—and compared it with the average rent in the same city. The average monthly rent in the United States is $1, and the average mortgage payment is $477. However, there is a city in the country where it is cheaper to buy housing than to rent.
31. Colorado Springs, CO
Monthly rent: $ 1 551
Monthly Mortgage Payment: $ 1 545
30. Phoenix, Arizona
Monthly rent: $ 1 392
Monthly Mortgage Payment: $ 1 383
29. Arlington, TX
Monthly rent: $ 1 555
Monthly Mortgage Payment: $ 1 545
28. Stockton, California
Monthly rent: $ 1 569
Monthly Mortgage Payment: $ 1 547
27. Greensboro, North Carolina
Monthly rent: $ 1 116
Monthly Mortgage Payment: $ 1 080
26. Virginia Beach, VA
Monthly rent: $ 1 582
Monthly Mortgage Payment: $ 1 538
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25. Columbus Ohio
Monthly rent: $ 1 204
Monthly Mortgage Payment: $ 1 158
24. Anaheim, California
Monthly rent: $ 2 817
Monthly Mortgage Payment: $ 2 761
23. Mesa, Arizona
Monthly rent: $ 1 417
Monthly Mortgage Payment: $ 1 360
22. St. Louis, MO
Monthly rent: $ 932
Monthly Mortgage Payment: $ 866
21. Philadelphia, PA
Monthly rent: $ 1 260
Monthly Mortgage Payment: $ 1 192
20. Albuquerque, New Mexico
Monthly rent: $ 1 240
Monthly Mortgage Payment: $ 1 171
19. Oklahoma City, Oklahoma
Monthly rent: $ 1 084
Monthly Mortgage Payment: $ 1 006
18. Sacramento, CA
Monthly rent: $ 1 706
Monthly Mortgage Payment: $ 1 622
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17. Chula Vista, CA
Monthly rent: $ 2 566
Monthly Mortgage Payment: $ 2 475
16. Corpus Christi, TX
Monthly rent: $ 1 372
Monthly Mortgage Payment: $ 1 277
15. Anchorage, Alaska
Monthly rent: $ 1 817
Monthly Mortgage Payment: $ 1 708
14. Jacksonville, FL
Monthly rent: $ 1 259
Monthly Mortgage Payment: $ 1 137
13. Norfolk, Va.
Monthly rent: $ 1 292
Monthly Mortgage Payment: $ 1 142
12. Milwaukee, WI
Monthly rent: $ 1 051
Monthly Mortgage Payment: $ 890
11. Columbia, South Carolina
Monthly rent: $ 1 125
Monthly Mortgage Payment: $ 963
10. Buffalo, New York
Monthly rent: $ 942
Monthly Mortgage Payment: $ 776
9. Silver Spring, Maryland
Monthly rent: $ 2 236
Monthly Mortgage Payment: $ 2 047
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8. Indianapolis Indiana
Monthly rent: $ 1 139
Monthly Mortgage Payment: $ 943
7. Memphis, Tennessee
Monthly rent: $ 855
Monthly Mortgage Payment: $ 652
6. Aurora, Colorado
Monthly rent: $ 1 910
Monthly Mortgage Payment: $ 1 706
5. Toledo Ohio
Monthly rent: $ 795
Monthly Mortgage Payment: $ 583
4. St. Paul, MN
Monthly rent: $ 1 494
Monthly Mortgage Payment: $ 1 268
3. Santa Ana, CA
Monthly rent: $ 2 731
Monthly Mortgage Payment: $ 2 484
2. Cleveland Ohio
Monthly rent: $ 857
Monthly Mortgage Payment: $ 579
1. Baltimore, Maryland
Monthly rent: $ 1 286
Monthly Mortgage Payment: $ 978
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