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9 US Cities Where Buying a Home Is Cheaper Than Renting

July 14, 2023 · Budgeting
philadelphia
Photo by f11photo from Shutterstock

3. Philadelphia

Philadelphia also makes the list of the best places to buy a home in the US. According to the latest data, owning a house in Philly costs 7% less, on average, than renting one. Monthly rents average approximately $2,000 here, while monthly mortgage costs average $1,869.

A person unloads groceries at their home in Cleveland, illustrating the everyday reality of affordable homeownership.
A man unloads groceries at his Cleveland home, where buying is often more affordable than renting.

4. Cleveland

Next on the best places to buy a home, we have Cleveland. Owning a house here is 4% cheaper than renting one, per the latest data. The median rent is $1,800, while the median mortgage cost is $1,730.

A close-up of a hand turning a brass key in the door of a house in Birmingham, Alabama.
Turn the key to your own Birmingham home, where buying is more affordable than monthly rent.

5. Birmingham, Ala.

Alabama’s largest metropolitan core remains affordable for those looking to buy a house here, even in a tough market. Monthly costs for a starter home don’t go beyond $900, while rental costs average about $1,150 per month.

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