31 US cities where it's cheaper to buy a house than to rent a place
- A recent study by GoBankingRates found that in 31 cities, residents can save hundreds of dollars a month by paying a mortgage instead of paying rent.
- The study calculated the average cost of a mortgage in each city and compared it to the average rent in each city.
- According to Zumper, in September 2019, the median national rent for a 1-bedroom was $1,250.
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In some US cities, it's cheaper to own a home than to rent a place.Rents across the country keep going up. According to Zumper, in September 2019, the median national rent for a 1-bedroom was $1,250.Advertisement
A recent study by GoBankingRates, a personal finance platform, found that in 31 cities, residents can save hundreds of dollars a month by paying a mortgage instead of paying rent.
The study looked at the 85 largest US cities and found that, in 31 of them, the average monthly mortgage is cheaper than the average monthly rent - sometimes by hundreds of dollars.Keep reading to see the full list, ranked from the city where buying saves you the least each month when compared with renting to where it saves you the most.
31. Colorado Springs, Colorado
30. Phoenix, ArizonaAdvertisement
29. Arlington, Texas
28. Stockton, CaliforniaAdvertisement
27. Greensboro, North Carolina
26. Virginia Beach, VirginiaAdvertisement
25. Columbus, Ohio
24. Anaheim, CaliforniaAdvertisement
23. Mesa, Arizona
22. St. Louis, MissouriAdvertisement
21. Philadelphia, Pennsylvania
20. Albuquerque, New MexicoAdvertisement
19. Oklahoma City, Oklahoma
18. Sacramento, CaliforniaAdvertisement
17. Chula Vista, California
16. Corpus Christi, TexasAdvertisement
15. Anchorage, Alaska
14. Jacksonville, FloridaAdvertisement
13. Norfolk, Virginia
12. Milwaukee, WisconsinAdvertisement
11. Columbia, South Carolina
10. Buffalo, New YorkAdvertisement
9. Silver Spring, Maryland
8. Indianapolis, IndianaAdvertisement
7. Memphis, Tennessee
6. Aurora, ColoradoAdvertisement
5. Toledo, Ohio
4. St. Paul, MinnesotaAdvertisement
3. Santa Ana, California
2. Cleveland, OhioAdvertisement
1. Baltimore, Maryland
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