Rent or mortgage: in which US cities is renting a house much more profitable than buying - ForumDaily
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Rent or mortgage: in which US cities is renting a house much more profitable than buying

Over the past few years, many Americans have found some comfort in the fact that it is often cheaper to rent a house than to own one. According to a recent study by LendingTree, in 2021, the difference between the average rent and the average cost of home mortgages in the nation's 50 largest metropolitan areas was $564 per month. The edition told in more detail The New York Times.

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This is a good savings for tenants. Unfortunately, not as much as in 2019, when renters paid an average of $593 less each month than homeowners with mortgages. The narrowing of the gap is due in part to falling mortgage rates, which lowered monthly costs for many owners.

The LendingTree study compared data from the Census Bureau's 2019 American Community Survey with the latest available data for 2021. If you bought or refinanced a home in 2021, congratulations, your interest rate is likely to be as low as ever.

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Three metropolitan areas with very expensive homes—San Jose (CA), New York (NY), and San Francisco (CA)—had the largest average gap between renting and buying in 2021: $1262. Contrary to the decreasing trend, the difference in these areas has increased. It was lowest in Orlando (Florida), Phoenix (Arizona) and Jacksonville (Florida) - an average of only $252.

Cities with the biggest difference:

  • San Jose (CA) - $2 (rent) - $454 (own) - $3 (difference)
  • New York (New York) - $1 (rent) - $600 (home ownership) - $2 (difference)
  • San Francisco (CA) - $2 (rent) - $156 (own) - $3 (difference)
  • Los Angeles (CA) - $1 (rent) - $786 (own) - $2 (difference)
  • Providence, Rhode Island - $1 (rent) - $099 (own) - $1 (difference)
  • Boston (MA) - $1 (rent) - $718 (own) - $2 (difference)
  • San Diego (CA) - $1 (rent) - $908 (own) - $2 (difference)
  • Seattle (WA) - $1 (rent) - $730 (own) - $2 (difference)
  • Hartford (CT) - $1 (rent) - $230 (own) - $1 (difference)
  • Houston, TX - $1 (rent) - $190 (own) - $1 (difference)

Cities with the smallest difference:

  • Memphis, Tennessee - $1 (rent) - $028 (own) - $1 (difference)
  • Indianapolis (Indiana) - $989 (rent) - $1 (own) - $347 (difference)
  • Nashville - $1 (rent) - $260 (own) - $1 (difference)
  • Tampa (FL) - $1 (rent) - $286 (own) - $1 (difference)
  • Las Vegas (NV) - $1 (rent) - $325 (own) - $1 (difference)
  • Charlotte (NC) - $1 (rent) - $202 (own) - $1 (difference)
  • Atlanta, Georgia - $1 (rent) - $370 (own) - $1 (difference)
  • Jacksonville (FL) - $1 (rent) - $238 (own) - $1 (difference)
  • Phoenix, Arizona - $1 (rent) - $384 (own) - $1 (difference)
  • Orlando (FL) - $1 (rent) - $420 (own) - $1 (difference)

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To compile their rankings, LendingTree researchers compared the average cost of renting to the average cost of owning a home in each area of ​​the city. Various expenses were included for both types of property, including mortgages, home equity loans, property taxes, insurance, utilities, and maintenance fees. Potential tax savings from mortgage interest and property tax deductions cannot be accounted for accurately in the study.

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