Finding a place to live can be challenging — and so can choosing between renting or buying a home. Each option has its advantages and disadvantages. Renting can be the best option if a person is not planning on staying in one area for a very long time or does not have enough cash for a down payment. But buying a home can be a good long-term investment.
In any case, the cost is one of the biggest factors that people consider when they are choosing between renting and owning. In order to take a closer look at how the cost of renting a home differs from the price of owning one, LendingTree, the nation’s leading online loan marketplace, compared monthly rental and monthly mortgage payments for homes in the 50 largest metropolitan areas in the United States.
Check out the top 30 cities where it’s cheaper to rent than buy a home.
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30. Portland, Oregon
Median monthly rent payment: $1,285
Median monthly mortgage payment: $1,290
Difference between median monthly rent and median monthly mortgage payment: -$6
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29. Indianapolis
Median monthly rent payment: $950
Median monthly mortgage payment: $969
Difference between median monthly rent and median monthly mortgage payment: -$20
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28. Buffalo, New York
Median monthly rent payment: $794
Median monthly mortgage payment: $815
Difference between median monthly rent and median monthly mortgage payment: -$21
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27. New Orleans
Median monthly rent payment: $1,084
Median monthly mortgage payment: $1,105
Difference between median monthly rent and median monthly mortgage payment: -$21
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26. St. Louis
Median monthly rent payment: $952
Median monthly mortgage payment: $973
Difference between median monthly rent and median monthly mortgage payment: -22
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25. Minneapolis
Median monthly rent payment: $1,201
Median monthly mortgage payment: $1,237
Difference between median monthly rent and median monthly mortgage payment: -$36
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24. Cleveland
Median monthly rent payment: $831
Median monthly mortgage payment: $873
Difference between median monthly rent and median monthly mortgage payment: -$42
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23. Hartford, Connecticut
Median monthly rent payment: $1,148
Median monthly mortgage payment: $1,218
Difference between median monthly rent and median monthly mortgage payment: -$70
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22. Kansas City, Missouri
Median monthly rent payment: $974
Median monthly mortgage payment: $1,050
Difference between median monthly rent and median monthly mortgage payment: -$76
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21. San Jose, California
Median monthly rent payment: $2,162
Median monthly mortgage payment: $2,250
Difference between median monthly rent and median monthly mortgage payment: -$88
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20. Pittsburgh
Median monthly rent payment: $858
Median monthly mortgage payment: $948
Difference between median monthly rent and median monthly mortgage payment: -$90
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19. Los Angeles
Median monthly rent payment: $1,639
Median monthly mortgage payment: $1,730
Difference between median monthly rent and median monthly mortgage payment: -$91
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18. San Diego
Median monthly rent payment: $1,746
Median monthly mortgage payment: $1,842
Difference between median monthly rent and median monthly mortgage payment: -$96
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17. Cincinnati
Median monthly rent payment: $883
Median monthly mortgage payment: $998
Difference between median monthly rent and median monthly mortgage payment: -$115
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16. Columbus, Ohio
Median monthly rent payment: $947
Median monthly mortgage payment: $1,068
Difference between median monthly rent and median monthly mortgage payment: -$121
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15. Seattle
Median monthly rent payment: $1,501
Median monthly mortgage payment: $1,635
Difference between median monthly rent and median monthly mortgage payment: -$135
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14. Nashville, Tennessee
Median monthly rent payment: $1,073
Median monthly mortgage payment: $1,217
Difference between median monthly rent and median monthly mortgage payment: -$143
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13. Baltimore
Median monthly rent payment: $1,325
Median monthly mortgage payment: $1,483
Difference between median monthly rent and median monthly mortgage payment: -$158
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12. Sacramento, California
Median monthly rent payment: $1,342
Median monthly mortgage payment: $1,517
Difference between median monthly rent and median monthly mortgage payment: -$175
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11. Detroit
Median monthly rent payment: $945
Median monthly mortgage payment: $1,123
Difference between median monthly rent and median monthly mortgage payment: $178
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10. Chicago
Median monthly rent payment: $1,180
Median monthly mortgage payment: $1,362
Difference between median monthly rent and median monthly mortgage payment: -$182
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9. Raleigh, North Carolina
Median monthly rent payment: $1,200
Median monthly mortgage payment: $1,383
Difference between median monthly rent and median monthly mortgage payment: -$183
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8. Philadelphia
Median monthly rent payment: $1,159
Median monthly mortgage payment: $1,367
Difference between median monthly rent and median monthly mortgage payment: -$207
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7. Providence, Rhode Island
Median monthly rent payment: $1,016
Median monthly mortgage payment: $1,242
Difference between median monthly rent and median monthly mortgage payment: -$226
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6. New York
Median monthly rent payment: $1,489
Median monthly mortgage payment: $1,738
Difference between median monthly rent and median monthly mortgage payment: -$249
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5. San Francisco
Median monthly rent payment: $1,856
Median monthly mortgage payment: $2,130
Difference between median monthly rent and median monthly mortgage payment: -$275
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4. Boston
Median monthly rent payment: $1,417
Median monthly mortgage payment: $1,700
Difference between median monthly rent and median monthly mortgage payment: -$284
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3. Oklahoma City
Median monthly rent payment: $900
Median monthly mortgage payment: $1,200
Difference between median monthly rent and median monthly mortgage payment: -$300
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2. Milwaukee
Median monthly rent payment: $925
Median monthly mortgage payment: $1,225
Difference between median monthly rent and median monthly mortgage payment: -$301
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1. Louisville, Kentucky
Median monthly rent payment: $866
Median monthly mortgage payment: $1,195
Difference between median monthly rent and median monthly mortgage payment: -$329
This article originally appeared on LendingTree.com and was syndicated by MediaFeed.org.
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