Renting Cheaper than Buying in Most Places

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Key Highlights

  • New study by LendingTree indicates median housing costs for renters lower
  • Choice to rent or buy nearly always about money

The Dilemma – To Buy or Rent

Choosing to buy a rent or buy has caveats on both sides of the ledger.

On the renting side are flexibility and no down payment.  On the buying side are the possibilities of a profitable long-term investment, tax benefits and the reality that the homeowner, not the landlord, decides whether or not and when to stay or go.

Then, There’s the Money Side of Equation

In today’s sizzling hot market with for-sale house inventories at record bottoms and escalating home prices, many wannabe homebuyers have already backed away from their dreams of homeownership and/or of downsizing/trading up.

Meanwhile, urban metros have been seeing falling rents and rent concessions…though there are now emerging indications that rent prices are beginning to stabilize.  Still, it’s a good time to sign a lease from a money point of view.

Recent Study Indicates Renting Cheaper than Buying

LendingTree looked at median housing costs for homebuyers and renters in all 50 of the country’s largest metros.

The study’s findings?  Median housing costs for renters were lower than for homeowners with a mortgage in all 50 largest metros.

Take a Look at Greatest Monthly Differences in Median Housing Costs:

Metro                Rent        Mortgage Cost        Difference

New York          $1,439           $2,802               $1,363

San Francisco    $1,905           $3,088               $1,183

San Jose            $2,249          $3,347               $1,098

Los Angeles        $1,545          $2,581               $1,036

Boston               $1,475           $2,427              $952

Providence          $968             $1,894              $926

San Diego          $1,658           $2,578              $920

Hartford             $1,116           $1,969             $853

Sacramento        $1,290           $2.063             $773

Chicago              $1.122            $1,888            $766

Smallest Monthly Differences in Median Housing Costs

Memphis             $930               $1,331            $401

Phoenix              $1,124             $1,514            $390

Nashville             $1,073             $1,462            $389

Atlanta                $1,156             $1,544             $388

Las Vegas            $1,132             $1,517             $385

Charlotte             $1,030             $1,398             $368

Jacksonville          $1.093             $1,461             $368

Indianapolis          $916                $1,280             $364

Tampa                  $1,115             $1,458             $343

Orlando                $1,210             $1,506             $298

 

Thanks to LendingTree and The New York Times.

 

 

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