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9 US Cities Where Buying a Home Is Cheaper Than Renting

July 14, 2023 · Budgeting
best places to buy a home
Photo by Evgeny Atamanenko from Shutterstock

Which are the best places to buy a home in the US?

Owning a house beats renting one in several key ways, as common belief dictates, starting with the fact that if you’re a homeowner, you pay down your own mortgage rather than someone else’s.

However, home ownership feels out of reach for many of us in 2023 due to a historic alignment of high sales prices and high mortgage rates.

Surprisingly, real estate analysts can still point to several large US cities where owning a house remains cheaper than renting.

But let’s get one thing straight first: you won’t find New York or San Francisco on this list. Cities like these two are places where home ownership comes at a hefty price. Instead, you’ll see cities where the home prices are low enough even during these days, as the average monthly mortgage payment there is lower than the typical monthly rent there.

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