9 US Cities Where Buying a Home Is Cheaper Than Renting

July 14, 2023 · Budgeting

6. St. Louis

A starter home currently costs 34% more in St. Louis than just 12 months ago, according to the latest data. Still, mortgage payments are still cheaper than renting, making this city one of the best places to buy a home in the US. Monthly costs for homebuyers are on average $1,128 in St. Louis, compared to $1,211 in monthly rents.

A diagram showing that monthly mortgage payments in Houston are lower than average monthly rent costs. — This graphic illustrates the buyer’s advantage in Houston, where monthly mortgage payments are lower than median rent.

7. Houston

Next on the best places to buy a home, we have Houston. While there isn’t a big difference between owning a house and renting one in America’s fourth-largest city when it comes to money, every amount saved is welcome these days.

Median mortgage costs and rents both fall in the $2,300–$2,400 range in Houston, with house ownership being 1% cheaper than renting.