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31 is a city in the USA where it is cheaper to buy a house than to rent

Owning your own home is an essential part of the American Dream. However, many people choose to rent a home, believing that they cannot afford to buy.

Фото: Depositphotos

But edition GOBankingRates has compiled a list of US cities where buying a home will be cheaper than renting.

Reporters calculated the average cost of a mortgage - using the average home price, 20% down payment, 30-year fixed mortgage at 3,82%, local property taxes and homeowner insurance - and compared it to 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

On the subject: Unnecessarily low-cost housing: top 10 most undervalued US cities

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

On the subject: A to Z: Everything you need to know about renting a property in New York

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

On the subject: Personal experience: how an immigrant to rent a house in the USA and not become a victim of fraudsters

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

Read also on ForumDaily:

8 best beach cities in the USA with affordable prices

Expensive and even more expensive: regions of the United States, where residents can not afford to buy a house

As a foreigner to get a loan for housing in New York: instructions and pitfalls

Educational program rent buying a home in the US

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